UBS is planning to offer bitcoin investing to some private-banking clients, Bloomberg reported, citing people familiar with the matter.

The move would start with a small group of Swiss private-bank clients, with a broader rollout possible later.

Partner-led rollout

UBS is in the process of selecting outside partners for the proposed offering, according to the report.

Using partners could allow the bank to offer trading, custody, and compliance capabilities without building the full stack in-house.

UBS has not made a final decision on how to proceed, the people said, adding that discussions have been ongoing for several months.

A cautious start with liquid assets

Bloomberg reported that UBS would initially allow select clients in Switzerland to buy and sell bitcoin and ether.

The report said the service could later expand to additional markets, including Asia-Pacific and the United States.

UBS response

A UBS spokesperson declined to comment on the Bloomberg report, but told Reuters:

“As part of UBS’s digital asset strategy, we actively monitor developments and explore initiatives that reflect client needs, regulatory developments, market trends and robust risk controls.”

The spokesperson added:

“We recognize the importance of distributed ledger technology like blockchain, which underpins digital assets.”

UBS oversaw about $4.7 trillion in wealth assets as of Sept. 30, according to the bank’s quarterly report.