Swiss multinational investment bank, UBS Group AG is planning to offer cryptocurrency investments to its wealthy clients. The banking giant joins among a handful of global firms looking to offer cryptocurrency services as the demand for the new asset class continues to soar. Beyond cryptocurrencies, UBS is also exploring the use of distributed ledger technology to digitize its operations.

UBS Investment Considers Offering Cryptocurrency Services

According to the BNN Bloomberg report on May 10, sources familiar with the matter told that UBS investment bank is exploring ways on offering its clients the opportunity to invest in cryptocurrencies. The investment bank could use third-party investment vehicles as one of its options.

With $3.5 trillion in assets under management, the anonymous sources say that the investment offering would be “a small portion” of the bank’s clients’ wealth because of the volatility associated with the new asset class.

“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 bank said in a statement.

It is still unclear as to how or when the investment bank will take into launching its cryptocurrency offerings, or which digital asset will likely be considered. But a major banking institution like UBS is likely to start with BTC offerings first, a popular investment asset among wealthy investors.

Financial Institutions Taking Increased Interest in Bitcoin

UBS Group AG would not be the first large institution to offer products related to the new asset class.

For instance, Morgan Stanley became the first big U.S. bank to offer its wealthy clients access to invest in Bitcoin funds from Galaxy Digital. Goldman Sachs recently also launched Bitcoin derivatives for its institutional clients and reopened its crypto trading desk earlier this year.

Alongside Morgan Stanley and Goldman Sachs, Citi Group is also taking an increased interest in the $2.5 trillion crypto market due to a surge in client interest. Meanwhile, earlier this year, BNY Mellon announced a bitcoin strategy for its clients.