UBS, a large Swiss financial group, is considering cryptocurrency trading services for ultra-high-net-worth clients.
Cointelegraph, citing Bloomberg News, reported on Jan. 23 that UBS is reviewing a plan to allow Swiss private banking clients to trade bitcoin and ether.
It could later expand to the Asia-Pacific region and the United States.
UBS has not officially acknowledged this, but it is running various trials to adopt blockchain technology. UBS is pushing the uMINT project, which tokenises a U.S. dollar money market fund on the Ethereum network. It is also testing blockchain-based fund settlement in cooperation with SWIFT and Chainlink.
It is working with Ant International on a pilot in Singapore for real-time cross-border payments using tokenised deposits.
Chi-gyu Hwang
delight@d-today.co.kr