Ralph Hamers, CEO of Swiss bank UBS, has said he does not fear missing out on crypto. Speaking to Bloomberg on Tuesday, Hamers said, “Clients are looking at different alternatives, and they hear about crypto, and there is a bit of a fear of missing out as well. They read it in the papers, but they also see the volatility.”
Commenting on the bank’s approach to providing exposure to crypto for its wealth management clients, the UBS CEO stated:
“We don’t offer it actively […] We feel that crypto itself is still an untested asset category.”
Back in May, reports emerged of UBS planning to offer crypto investments to rich clients. At the time, the proposed product was limited to a small fraction of the portfolios held by the bank’s wealth management clientele due to the volatility of cryptocurrencies.
However, in June, the bank warned customers to avoid crypto investments stating that the market will crash under pressure from regulators.
Meanwhile, the Swiss