UBS CEO Ralph Hammers said that encryption is an “untested asset class”

Ralph Hamers, chief executive of UBS, the Swiss bank UBS, has stated that he is not afraid to miss out on cryptocurrencies.Hamers said in an interview with Bloomberg on Tuesday Say, “Customers are looking for different alternatives. They have heard of cryptocurrency, but they are also a little afraid to miss it. They read about it in the newspaper, but they also see volatility.”

Commenting on the bank’s approach to providing cryptocurrency exposure to its wealth management clients, the CEO of UBS stated:

“We do not proactively provide […] We believe that cryptocurrency itself is still an untested asset class. “

As early as May, there were reports that UBS planned Provide crypto investment to wealthy clientsAt the time, due to the volatility of cryptocurrencies, the proposed product was limited to a small part of the investment portfolio held by bank wealth management clients.

However, in June, the bank Warn customers to avoid crypto investments, Pointed out that the market will collapse under pressure from regulators.

At the same time, the Swiss branch of the Spanish banking giant BBVA has offered Bitcoin (Bitcoin) Provide trading and custody solutions for domestic customers.Several Swiss banks, such as Bordier & Cie, which has a history of 170 years, also Provide encrypted transaction services.

related: “Investors stay awake”: UBS warns regulators that a “bubble crypto market” may emerge

Hamers doubled down on UBS’s silence on cryptocurrencies, saying that he had no concerns about banks missing some FOMOs from wealthy customers who wish to invest in cryptocurrencies.

Although the CEO of UBS does not seem to be keen on cryptocurrency, American banks are increasingly abandoning their previous anti-cryptocurrency stance and offering digital asset investment products.

As previously reported by Cointelegraph, NYDIG has partnered with many online banking providers to allow several U.S. banks to provide Bitcoin transactions to their customers.According to reports, Bank of America in July Created an encryption research team, Calling cryptocurrency “one of the fastest growing emerging technology ecosystems.”