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, “Shoppers are totally different options, and so they hear about crypto, and there’s a little bit of a worry of lacking out as effectively. They learn it within the papers, however in addition they 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 provide it actively […] We really feel that crypto itself remains to be an untested asset class.”

Again in Could, studies 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 because of the volatility of cryptocurrencies.

Nonetheless, in June, the financial institution warned prospects to keep away from crypto investments, stating that the market will crash beneath stress from regulators.

In the meantime, the Swiss department of Spanish banking big 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 provide crypto buying and selling providers.

Associated: ‘Traders keep clear’: UBS warns regulators might pop ‘bubble-like crypto markets’

Hamers doubled down on the UBS’ reticence concerning crypto, stating that he doesn’t have FOMO concerning 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 the US 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 number of web banking suppliers to permit a number of U.S. banks to supply Bitcoin buying and selling to their prospects. In July, Financial institution of America reportedly created a crypto analysis crew, dubbing cryptocurrency “one of many fastest-growing rising know-how ecosystem.”