UBS

UBS Explores Offering Crypto Investments to Clients

UBS

Swiss bank UBS is reportedly exploring to offer cryptocurrency investments to wealthy clients. This move comes after more investment banks, including Goldman Sachs and Morgan Stanley, have entered into the crypto market.

Bloomberg reports that UBS is in the early stages of planning to offer wealthy customers crypto investments in response to growing client demand. Options include investing through third party investment vehicles. “We are monitoring the developments in the field of digital assets closely,” UBS said in a statement. “Importantly, we are most interested in the technology which underpins digital assets, namely the distributed ledger technology.”

More global investment banks are offering crypto-related services. Goldman Sachs relaunched its crypto trading desk, with plans to support Bitcoin futures trading. Morgan Stanley plans to give wealthy clients access to three funds that will enable ownership of crypto. Deutsche Bank and BNY Mellon have entered the market. 

US bank giant Citigroup is also considering crypto trading, custody, and financing services, citing a rapid accumulation of interest from clients.

 

“Time for Exchanges to List Satoshis”

Bitcoin, the largest crypto by market cap, has fallen below the $60,000 level. It is now trading at $55,100.32, down 6.5% over the previous 24 hours. 

As Bitcoin’s prices stall at the resistance level, Galaxy Digital CEO Michael Novogratz has argued that exchanges should list satoshis (Sats) instead of Bitcoin.

A satoshi is the smallest unit of Bitcoin; there are 100 million Sats in each Bitcoin. At Bitcoin’s current price, a satoshi’s dollar value is $0.0005510.

“It is time to switch to Satoshis,” Novogratz wrote, adding that “many people” have told him that Bitcoin at $58,000 is too expensive. 

The move will help spur Bitcoin’s widespread adoption. “Which exchange will be the first to quote in Sats?” Novogratz asked. Novogratz tagged some of the heads of popular crypto exchanges in his tweet, including Changpeng Zhao of Binance, Brian Armstrong of Coinbase, Sam Bankman-Fried of FTX, and Tyler Winklevoss of Gemini. 

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