Zeno Staub, CEO of Swiss non-public banking and funding administration large Vontobel, has revealed that a number of the firm’s rich shoppers have crypto publicity.
Talking to Bloomberg on Tuesday, Staub acknowledged that Vontobel’s shoppers have an curiosity in cryptocurrencies.
In line with Staub, blockchain expertise could have a profound affect on world finance. As a part of the interview, the Vontobel CEO described the novel tech because the “Logic consequence of the overall development securitization as a result of it’s the solely out there expertise that may create belief with no central counterparty.”
Commenting on the financial institution’s crypto choices for rich shoppers, Staub acknowledged:
“What we provide to our shoppers is that we’ve wrapped some cryptocurrencies in a safe, handy, simple to deal with approach and shoppers admire that and allocate a part of their wealth to that.”
In its half-year financials revealed on Tuesday, the financial institution additionally reported vital curiosity for its Bitcoin (BTC) tracker certificates funding product. In line with the report, the financial institution’s property below administration grew 11% within the first half of 2021 to succeed in an all-time excessive of 274.5 billion Swiss francs (about $300 billion).
Certainly, as beforehand reported by Cointelegraph, Vontobel is without doubt one of the pro-crypto banks in Switzerland. Again in 2016 and 2017, the financial institution was already creating Bitcoin-based funding merchandise.
In January 2019, Vontobel additionally created a regulated crypto custody product for banks and asset managers.
Associated: Many JPMorgan shoppers see Bitcoin as an asset class, says senior exec
Staub’s feedback reinforce earlier statements by different wealth administration corporations in regards to the rising urge for food for crypto publicity amongst their big-money shoppers.
Such is the extent of this rising curiosity that funding banks have gotten extra incentivized to supply crypto funding merchandise to their wealthy shoppers.
Earlier in July, JPMorgan introduced plans to supply entry to Grayscale’s Bitcoin belief to retail wealth shoppers.