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Swiss banking is gradually warming to the opportunities of crypto. UBS and Credit Suisse are conspicuously passive to a trend that promises to be of key element in the business.

Last week’s announcement by Julius Baer that it will offer clients access to cryptocurrencies and crypto products made it plain that this type of business has made it, that it has become an asset class of its own. After all, Julius Baer is a bank with long tradition and not necessarily a driver of innovation.

The number of Swiss banks that offer such crypto services is rising steadily: Falcon Private Bank, Vontobel, Swissquote, Dukascopy, soon Julius Baer – and Bank Frick in Liechtenstein. Fintech startups including Sygnum, Mt Pélerin and Seba Crypto at the same time are working to get a banking license – the latter being the firm that tied up with Julius Baer.

Bridging a Gap Between Crypto and Banking…

The reasons why these firms are offering such crypto products to their clients are fairly diverse: differentiation of product offering, innovation, new source of revenue or simply because customers are asking for such products.

Some exponents in the dynamic crypto and blockchain industry in Switzerland and Liechtenstein are focusing on the tokenization of assets. And together with the banking industry’s move to open its business to such an asset class, it has the potential to create a unique eco-system that would be a world leader in terms of technology, innovation and customer services.

…Leaving Out the Big Two

The surprising element in this development for sure is that UBS and Credit Suisse are rooted on the sidelines. Neither UBS, the world’s largest wealth manager, nor Credit Suisse, the No. 6, have a cryptocurrency offering.

UBS told finews.com in a brief answer to its questions that it had no crypto products on offer for its clients. Credit Suisse said: «Even though as a bank we aren’t active in relation to cryptocurrencies, we are watching the development of the market and support our clients in understanding these developments.»

Axel Weber Isn’t in Favor