The Swiss multinational investment bank and financial services company founded and based in Switzerland and also the largest private bank of the world, UBS-Union Bank of Switzerland announces it will soon start cryptocurrency-related services to its prior and top pier customers and clients.
UBS is looking profusely into various aspects to bring the utmost of cryptocurrency services and at any point of time now. Speculations state UBS to be working strategically over a period of time on ways it could bind the cryptocurrency market and business into it and offer them to its clients.
UBS and its History with Cryptocurrency
When one says ‘Switzerland’, 3 things instantly come to our minds, Chocolates, Watches and the third one being money. And the game player of this money role goes to UBS. Ever Since the merger of Union Bank of Switzerland and Swiss Bank Corporation, UBS works earnestly towards the advancement, betterment, and enhancement of the corporation into the World’s most renowned and largest private sector banks.
With the rise in future technology, blockchain, and crypto industry, UBS actively participates in all means to incorporate them into it. Since early 2015 the R&D of UBS sets to adopt blockchain technology. In August of 2016, it joined together with BNY Mellon, Deutsche Bank, Banco Santander, brokerage company ICAP, and the fintech company Clearmatics to come up with and promote its digital currency, the USC-Utility Settlement Coin. This USC, a blockchain-based digital coin is used by financial institutions for transactions within each other. Most of the banks are now into USC comprehensively.
UBS’s Crypto Services
With this, UBS joins the gang of ‘Banks into crypto’ along with Morgan Stanley, Goldman Sachs, and Citigroup. Sources reveal UBS plans in creating several crypto services options enabling the clients to invest only a small portion of their total investments. They also plan on introducing and promoting investing through other third-party entities.
UBS promptly opened up; they are extensively into the development of digital assets and digital currencies.UBS expressed its interest in technologies configuring digital assets, producing ledger technology. All these are evident signs that UBS will soon also be into the NFTs.
Upon their article, in January 2021 UBS advised clients on buying Bitcoins and there will be a short future of price rise. But at the same time, it’s skeptical on the point that cryptocurrencies cannot be used as real currencies and lacks real-world applications.
However, this is totally contradictory with UBS’s present intellectual involvement into the crypto industry. Seems UBS realised the true potential and future of the Crypto world within a matter of 2 months.
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