Yerevan (CoinChapter.com) — Crypto gets a new fan!
Swiss investment bank UBS Group AP is the latest major financial services company hoping to join the list of major banks offering their wealthy clients the opportunity to invest in emerging digital assets.
Considering the fears of the volatility of the cryptocurrency markets, it is likely that the investment giant will limit investments in the sector to a small portion of their total assets in a bid to protect them from losses, should the market see a major setback in the future.
Earlier on, other financial giants such as the Goldman Sachs Group Inc, Morgan Stanley, Citigroup, and New York Mellon Corp had reported on plans to cash in on the opportunity to offer cryptocurrency investment services to their wealthy clients in a bid to stay up to date with the emerging trends in the investment sector.
With the UBS Group’s bid to enter the market, the sector is all set to gain a boost outside the United States and the United Kingdom, where investments in digital currency had picked up steam.
“We are monitoring the developments in the field of digital assets closely,” UBS was reported to have said in a statement. “Importantly, we are most interested in the technology which underpins digital assets, namely the distributed ledger technology.”
The fear of losing clients who wish to have the opportunity to invest in emerging digital assets is a big reason why many banks and investment firms are exploring various ways to offer their wealthy clients the possibility of investing in digital assets. With the prospects of their clients drifting to rivals that offer new investment opportunities in the sector becoming more evident, traditional investment firms can’t help but look for innovative ways to enter the digital currency sector with the hope of having a piece of the pie.
UBS Group is already feeling the pressure from local rival Julius Baer Group as the Swiss wealth management firm announced its plans last week to work with partners to offer their clients access to crypto assets.
With such major names rallying behind the crypto market, it will not take time for critics of the sector to come to terms with the fact that the decentralized digital currency, albeit volatile, is here to stay.
Yerevan-based Editor and writer focusing on topics about politics and international relations. Having completed his Bachelors and Masters degrees from Delhi's Jawaharlal Nehru University, he currently works as a Projects Coordinator at Indo-Armenian Friendship NGO and the Indian Cultural Centre, Armenia. He regularly writes articles for Armenian media platforms and is the English language Editor of Keghart, a reputed Armenian Diaspora news platform based in Canada. As a young activist, he was awarded "The Best Active Youth International Award" by the Afghanistan Youth Parliament. He is also the Media in charge of the Youth Wing of Bright Armenia Party, the third-largest political party in the Armenian Parliament.
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