UBS has announced plans to offer a cryptocurrency service for its high-net-worth clients, focusing exclusively on Bitcoin and Ether, according to Bloomberg.
The Swiss bank is no stranger to the crypto market. In 2023, it conducted an experiment with a tokenised fund on Ethereum, and in 2024, it repeated the experiment with a USD Money Market Investment Fund Token (uMINT), also on Ethereum.
Other banks are gradually entering the cryptocurrency space as well. In Switzerland, PostFinance launched crypto services in 2023, while in France, BPCE introduced a costly subscription account for its clients.
The features of this offer
UBS CEO Sergio Ermotti explained that the next stage in banking expansion will place Bitcoin and other cryptocurrencies at the heart of the financial sector. The plan is initially limited to the bank’s existing clients, with a gradual rollout to the Asia-Pacific region and the US. Its success will depend on regulation and market maturity in each region.
The project is still in its early stages due to regulatory constraints. In the past, UBS avoided direct crypto offerings largely because of regulatory and compliance risks.
A UBS official said:
“As part of our digital asset strategy, we are closely monitoring developments and exploring initiatives that meet our clients’ needs. We aim to consider both regulatory developments and market trends while implementing rigorous risk controls. We recognise the importance of distributed ledger technologies, such as blockchain, which underpin digital assets.”
A shift towards the crypto market driven by the banking context
UBS, which manages $6.9 trillion in assets, plans to strengthen its presence in the cryptocurrency sector over the coming years. While the bank previously considered this market marginal, its CEO believes blockchain technology could reduce costs and improve efficiency within the financial system.
This move comes at a time when margins in traditional banking are under pressure. It also coincides with Ermotti’s planned departure as CEO in 2027, following the Credit Suisse takeover, which will result in 3,000 job losses. According to Ermotti, adopting new technologies is essential to maintain profitability.
An UBS initiative mirroring the rest of the banking system
Banks worldwide are gradually integrating digital assets into their offerings. In the United States, clearer regulations have allowed banks to take a more proactive approach. For example, Standard Chartered Bank offers spot trading of Bitcoin and Ether to professional clients, while JPMorgan and Morgan Stanley provide selective access to certain clients.
UBS’s initiative reflects this global trend, marking a gradual shift from cryptocurrencies as peripheral financial assets toward wider adoption of blockchain technology within mainstream banking.
Key takeaways for users
UBS plans to offer cryptocurrency accounts to clients, although the service is still in the planning phase. Key points include:
– Access will be limited to high-net-worth clients.
– Trading would be restricted to Bitcoin and Ethereum.
– Development will expand gradually outside Europe, depending on regulatory approval and market conditions.
