UBS Group AG is evaluating cryptocurrency trading for private banking clients in Switzerland, people familiar with the matter said.
The Swiss bank, which managed $4.7 trillion in wealth assets as of September 30, is selecting partners for a cryptocurrency offering after months of discussions.
Select private banking clients in Switzerland would initially gain access to Bitcoin (BTC) and Ethereum (ETH) trading, with potential expansion to Asia-Pacific and U.S. markets. UBS has not made final decisions on implementation, the people said.
The shift comes as competitors like JPMorgan Chase & Co. and Morgan Stanley expand cryptocurrency services following Donald Trump's return to the White House. UBS has historically maintained a cautious stance on virtual tokens.
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What Happened
UBS confirmed it explores initiatives reflecting client demand and regulatory developments.
"We recognize the importance of distributed ledger technology like blockchain, which underpins digital assets," a spokesperson said.
Morgan Stanley is partnering with cryptocurrency provider ZeroHash to enable 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 said in November it will expedite a review of certain elements of its rules around banks' cryptocurrency holdings. The move potentially sets the stage for new initiatives among lenders.
Why It Matters
Major banks have been slower to expand into cryptocurrency trading largely because of onerous capital rules under the Basel III framework. U.S. regulators have been leading calls to amend those standards.
Cryptocurrency trading has generated substantial revenue for companies already operating in the space. Robinhood Markets Inc. generated $626 million from cryptocurrency trading in 2024, more than triple its revenue from equities.
U.S. cryptocurrency exchange-traded funds have grown rapidly since their January 2024 approval. These products now oversee almost $140 billion in assets, led by BlackRock Inc.'s iShares Bitcoin Trust.
UBS made trading in cryptocurrency-linked exchange-traded funds available to wealthy clients in Hong Kong in November 2023, joining competitors like HSBC Holdings Plc.
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