The top executives of the big banks have been known for their fundamental opposition to the use of cryptocurrencies. But now, the tide has turned and even the big Swiss banks are displaying signs of a rethink.
Last year, the big banks of this world were united in their opposition against cryptocurrencies, including bitcoin. Credit Suisse boss Tidjane Thiam, UBS Chairman Axel Weber, Jamie Dimon at J.P. Morgan and Larry Fink of Blackrock – they all said that bitcoin was a speculative story.
But the tide seems to have turned in recent months. Instead of outright rejection there is a renewed sense of curiosity and even first tentative bids to evaluate the use of digital currencies.
Regular Exchange for Crypto-Assets
As major shareholders of SIX, the two big Swiss companies UBS and Credit Suisse even support the development of a crypto asset exchange – quite remarkable given their previous opposition. Each member of SIX will to be able to trade with such assets starting in 2019 if everything goes to plan.
The two banks haven’t actually voiced an opinion about the planned exchange platform. The U.K.-based «Financial News» (behind paywall) have compiled the approach of global institutes to bitcoin and other cryptocurrencies.
UBS
UBS analysts are looking closely at cryptocurrencies and publish at regular intervals. Their approach evidently is in tune with that of the bank: Chairman Weber (pictured above) in January said that UBS allowed institutional investors to trade in cryptocurrencies. The bank at the same time discouraged retail clients from doing so.
It would come as no surprise if UBS came under pressure from its wealth management clientele to launch a crypto offering. Hitherto it only offers execution services. The bank has not talked about a crypto trading desk in public.
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