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Crypto is an ‘untested asset category,’ says UBS CEO Ralph Hamers



Ralph Hamers, CEO of Swiss financial institution UBS, has mentioned he doesn’t worry lacking out on crypto. Chatting with Bloomberg on Tuesday, Hamers mentioned, “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 financial institution’s method to offering publicity to crypto for its wealth administration shoppers, the UBS CEO acknowledged:

“We don’t offer it actively […] We feel that crypto itself is still an untested asset category.”

Again in Might, stories emerged of UBS planning to supply crypto investments to rich shoppers. On the time, the proposed product was restricted to a small fraction of the portfolios held by the financial institution’s wealth administration clientele as a result of volatility of cryptocurrencies.

Nonetheless, in June, the financial institution warned clients to keep away from crypto investments, stating that the market will crash below strain from regulators.

In the meantime, the Swiss department of Spanish banking large BBVA already affords Bitcoin (BTC) buying and selling and custody options for shoppers within the nation. A number of Swiss banks, such because the 170-year-old Bordier & Cie, additionally supply crypto buying and selling providers.

Associated: ‘Investors stay clear’: UBS warns regulators may pop ‘bubble-like crypto markets’

Hamers doubled down on the UBS’ reticence relating to crypto, stating that he doesn’t have FOMO in regards to the financial institution lacking out on a number of rich shoppers trying to put money into crypto.

Whereas the UBS CEO seems to not be bought on crypto, banks in america are more and more abandoning their earlier anti-cryptocurrency stance and providing digital asset funding merchandise.

As beforehand reported by Cointelegraph, NYDIG has partnered with a bunch of web banking suppliers to permit a number of U.S. banks to supply Bitcoin buying and selling to their clients. In July, Financial institution of America reportedly created a crypto analysis staff, dubbing cryptocurrency “one of the fastest-growing emerging technology ecosystem.”

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