UBS Group AG, a Swiss multinational bank and financial services company, is now planning to offer its clients crypto investments, according to a Bloomberg report. The company says that due to the assets volatility investments would be small portions of the client's total wealth.
In a statement, UBS said that they are monitoring the new field of assets. They also implied that they have a serious interest in blockchain, the underlying technology behind cryptocurrency.
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“We are monitoring the developments in the field of digital assets closely. Importantly, we are most interested in the technology which underpins digital assets, namely the distributed ledger technology," the company said in a statement.
The company is likely considering third-party investment vehicles for its offering and is concerned that it may begin to lose clients should it continue to lack a crypto offering.
Ralph Hamers, the CEO of UBS, has said that he wants to begin using technology to cut costs and better serve its high net-worth clients. According to Bloomberg's report, Hamers may want to make use of artificial intelligence to better understand what sort of products it can sell. The company has hinted at its interest in blockchain and now spends around $3.5 billion a year on tech.
The company seeks to update and remodel its infrastructure with technology to create new tools and products for both its clients and employees in the near future.