UBS, the world’s largest wealth manager, is preparing to offer Bitcoin and Ethereum trading to a subset of its private banking clients, Bloomberg reports. What’s happening - According to people familiar with the matter, UBS is finalizing plans to let select Swiss private-banking clients buy and sell Bitcoin and Ether. The bank hasn’t settled on a full rollout schedule; Asia-Pacific availability could follow the Swiss launch. - UBS didn’t immediately comment when Decrypt sought confirmation. Why it matters - UBS oversees roughly $4.7 trillion in client assets (as of September), and its product moves often reflect demand among high-net-worth and ultra-high-net-worth clients. Expanding crypto access at UBS would be a significant signal of growing institutional acceptance of spot crypto investments in the private-banking channel. - The move follows UBS’s expanded clout after the 2023 takeover of Credit Suisse, which boosted its assets under management by about $1.5 trillion overnight after Swiss authorities forced the merger amid Credit Suisse’s scandals. Context and market snapshot - Bitcoin was trading around $90,132 at the time of the report, down nearly 5% over the past week, while Ethereum sat near $2,967, down about 10% week-on-week (CoinGecko). - Switzerland has become one of Europe’s friendliest jurisdictions for crypto businesses: the Swiss National Bank quietly increased its Bitcoin exposure in November, and the country attracted interest from U.S. crypto firms after the 2022 closures of Silvergate Capital and Signature Bank. Swiss banks reported an uptick in inquiries from U.S. companies seeking overseas banking partners. Background on UBS and Credit Suisse - UBS’s core offering is private banking and advisory services for wealthy individuals and families rather than mass retail banking. - Credit Suisse faced two major 2021 losses — roughly $5.5 billion tied to Archegos and about $10 billion linked to Greensill — precipitating a crisis of confidence that ultimately led to the 2023 merger. What to watch - Which clients will be eligible, custody and execution arrangements, and whether UBS will offer additional tokens or crypto services beyond spot trading. - Whether other major private banks follow suit, and how regulators in Switzerland and key APAC markets respond to an expanded institutional offering of spot crypto products. If implemented, UBS’s entry into crypto trading for wealthy clients could further normalize on-ramps to Bitcoin and Ether within the private-banking world and influence broader institutional adoption trends. Read more AI-generated news on: undefined/news

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