The global wealth manager UBS is considering offering cryptocurrency trading to some of its private banking clients.
According to a Bloomberg report, the Swiss bank is discussing a plan that would allow select clients in Switzerland to buy and sell Bitcoin
If successful, the service could later expand to Asia-Pacific and the United States.
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A person familiar with the matter said UBS is currently looking for partners to help build the service.
UBS has been testing blockchain technology for some time. It has run tokenization trials, including the uMINT project, a tokenized US dollar money market fund built on Ethereum.
Another test involved Swift, UBS, and Chainlink, which focused on how to settle fund transactions through tokenized assets. These projects demonstrate the bank’s interest in migrating traditional financial products to blockchain systems.
In addition to investment experiments, UBS has also explored blockchain-based payments. In Singapore, it worked with Ant International to test tokenized deposits through its UBS Digital Cash platform.
The project allows Ant to transfer funds across its Alipay+ network almost instantly, rather than waiting several days. This works by placing bank deposit claims on a controlled blockchain.
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