Goldman Sachs and UBS... Boom of Cryptocurrency Entry by Major US and European Banks

UBS to Launch Cryptocurrency Investment Products
Goldman Sachs Begins First-Ever Bitcoin Derivatives Trading

Photo by Bloomberg

[Asia Economy Reporter Yujin Cho] Switzerland's largest investment bank UBS has joined the wave of Wall Street's entry into the cryptocurrency sector.

On the 10th (local time), Bloomberg News reported, citing anonymous sources, that UBS plans to launch cryptocurrency investment products for high-net-worth individuals.

According to the sources, UBS is exploring several options to offer a range of cryptocurrency investment products, considering the high volatility, it plans to invest only a very small portion of clients' total assets or consider third-party investments.

UBS stated in a press release that "we are closely examining developments in the digital asset space."

Previously, Goldman Sachs, Morgan Stanley, and Citibank announced plans to launch cryptocurrency funds, indicating that cryptocurrency investment movements centered on Wall Street are expanding to Europe.

Philip Rickenbacker, CEO of Julius Baer, one of Switzerland's top three banks, recently expressed interest at a conference, stating that they are exploring ways to access cryptocurrency assets.

Goldman Sachs began offering derivative trading services linked to Bitcoin prices on the same day. In a memo sent to employees, Goldman Sachs announced that "two derivatives linked to Bitcoin were successfully traded."

This is just two months after Goldman Sachs decided to restart its cryptocurrency trading division in March.

Earlier, JP Morgan also announced plans to launch a Bitcoin fund for some clients in the second half of this year, and Morgan Stanley had already decided in March to allow Bitcoin funds to be included in the assets of wealth management advisory clients, becoming the first U.S. bank to do so.

This content was produced with the assistance of AI translation services.