Ralph Hamers, CEO of Swiss bank UBS, has said he does not fear missing out on crypto. Speaking to Bloomberg on Tuesday, Hamers said, “Clients are looking at different alternatives, and they hear about crypto, and there is a bit of a fear of missing out as well. They read it in the papers, but they also see the volatility.”
Commenting on the bank’s approach to providing exposure to crypto for its wealth management clients, the UBS CEO stated:
“We don’t offer it actively […] We feel that crypto itself is still an untested asset category.”
Back in May, reports emerged of UBS planning to offer crypto investments to wealthy clients. At the time, the proposed product was limited to a small fraction of the portfolios held by the bank’s wealth management clientele due to the volatility of cryptocurrencies.
However, in June, the bank warned customers to avoid crypto investments, stating that the market will crash under pressure from regulators.
Meanwhile, the Swiss branch of Spanish banking giant BBVA already offers Bitcoin (BTC) trading and custody solutions for clients in the country. Several Swiss banks, such as the 170-year-old Bordier & Cie, also offer crypto trading services.
Hamers doubled down on the UBS’ reticence regarding crypto, stating that he does not have FOMO about the bank missing out on a few wealthy clients looking to invest in crypto.
While the UBS CEO appears not to be sold on crypto, banks in the United States are increasingly abandoning their previous anti-cryptocurrency stance and offering digital asset investment products.
NYDIG has partnered with a host of internet banking providers to allow several U.S. banks to offer Bitcoin trading to their customers. In July, Bank of America reportedly created a crypto research team, dubbing cryptocurrency “one of the fastest-growing emerging technology ecosystem.”