Crypto is an untested asset class, says Ralph Hamers, CEO of UBS

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Ralph Hamers, CEO of Swiss bank UBS, said he’s not worried about missing out on crypto. Speaking to Bloomberg on Tuesday, Hamers said customers are considering different alternatives and hearing about crypto, and there is some fear of missing out as well. They read it in the papers, but they also see the volatility.

Commenting on the banks’ approach to providing crypto exposure to its wealth management clients, the CEO of UBS said:

We do not actively offer it [] We believe that crypto itself is still an untested asset class.

In May, there were reports of UBS considering offering crypto investments to high net worth clients. At the time, the product on offer was limited to a small fraction of the portfolios held by bank wealth management clients due to the volatility of cryptocurrencies.

However, in June, the bank warned customers to avoid crypto investments, saying the market would collapse under pressure from regulators.

Meanwhile, the Swiss branch of Spanish banking giant BBVA is already offering Bitcoin (BTC) trading and custody solutions for clients nationwide. Several Swiss banks, such as Bordier & Cie, 170, also offer crypto trading services.

Related: Investors Stay Clear: UBS Warns Regulators Could Shatter Bubble-Shaped Crypto Markets

Hamers doubled down on UBS’s reluctance on crypto, saying it does not have FOMO on the bank which is missing a few high net worth clients looking to invest in crypto.

While the CEO of UBS does not appear to be sold on crypto, banks in the United States are increasingly abandoning their old anti-cryptocurrency stance and offering digital asset investment products.

As previously reported by Cointelegraph, NYDIG has partnered with a host of online banking providers to enable several US banks to offer Bitcointrading to their customers. In July, Bank of America reportedly created a crypto research team, making cryptocurrency one of the fastest growing emerging tech ecosystems.

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