UBS Group AG is evaluating the possibility of offering cryptocurrency trading to its private banking clients in Switzerland, according to people close to the matter.
The Swiss bank, which managed 4.7 trillion dollars in wealth assets as of September 30, is in the process of selecting partners for a cryptocurrency offering after several months of discussions.
Some private banking clients in Switzerland would initially gain access to trading Bitcoin (BTC) and Ethereum (ETH), with a potential expansion to Asia-Pacific and United States markets. UBS has not yet made final decisions on the implementation, these sources said.
This shift comes as competitors like JPMorgan Chase & Co. and Morgan Stanley are developing their cryptocurrency services following Donald Trump's return to the White House. UBS has historically taken a cautious stance towards virtual tokens.
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What happened
UBS has confirmed that it is exploring initiatives reflecting client demand and regulatory developments.
"We recognize the importance of distributed ledger technologies like blockchain, which underlie digital assets," said a spokesperson.
Morgan Stanley partners with crypto service provider ZeroHash to allow E*Trade clients to trade Bitcoin, Ether, and Solana (SOL) starting in the first half of 2026. JPMorgan is exploring cryptocurrency trading for institutional clients, Bloomberg reported in December.
The Basel Committee indicated in November that it would accelerate the review of certain aspects of its rules regarding banks' cryptocurrency holdings. This decision could pave the way for new initiatives among lenders.
Why it matters
Large banks have been slower to develop in cryptocurrency trading largely due to stringent capital rules under Basel III. U.S. regulators have been at the forefront of calls to amend these standards.
Cryptocurrency trading has generated significant revenues for companies already active in the field. Robinhood Markets Inc. generated $626 million in revenue from cryptocurrency trading in 2024, more than three times its revenue from stocks.
Cryptocurrency exchange-traded funds (ETFs) in the United States have seen rapid growth since their approval in January 2024. These products now manage nearly $140 billion in assets, led by BlackRock Inc.'s iShares Bitcoin Trust.
UBS made it possible, in November 2023, for wealthy clients in Hong Kong to trade cryptocurrency-linked ETFs, joining competitors like HSBC Holdings Plc.
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