Clients are clamoring for exposure to cryptos, and top-flight banks are giving heed.

A Bloomberg report said Monday that UBS Group AG (SWX: UBSG) was mulling avenues for investing in digital assets for its wealthy clients. It would follow banks across the pond such as Citigroup (NYSE: C) and Goldman Sachs (NYSE: GS).

While details of these plans are private, knowledgeable persons told Bloomberg that UBS was evaluating several alternatives, including a route for crypto investing through a third-party partner. The sources said UBS was forced to heed clients’ demands or risk losing them.

In any case, UBS clients are likely to invest only a minuscule portion of their wealth in these assets, considering their exceptional volatility, the sources revealed.

“We are monitoring the developments in the field of digital assets closely,” UBS said in a statement. “Importantly, we are most interested in the technology which underpins digital assets, namely the distributed ledger technology.”

UBS follows Citigroup

Last week, the FT reported that Citigroup was considering a foray into the cryptocurrency markets after seeing rising interest among its clients.

Itay Tuchman, Citi’s global head of foreign exchange, told FT: “There are different options from our perspective and we are considering where we can best serve clients. This is not going to be a prop-trading effort.”

Swiss private banks

In March we reported that NPB Neue Privat Bank AG, a private bank based in Zurich, had partnered with InCore Bank AG to bring digital asset banking services to its clients.

“Digital assets increasingly represent a supplement to traditional asset classes and we are seeing strong demand from both private and institutional clients,” said Markus Ruffner, co-founder and CEO of NPB at the time.

Also in the same month, Bordier, a venerable Swiss private bank founded in 1844, commenced its foray into cryptocurrencies by integrating with Sygnum Bank’s B2B platform.

The bank now allows trading in bitcoin, ethereum, bitcoin cash, and tezos.

Related Story:  Citigroup Heeds Clients; Mulling Cryptos

Image of UBS Singapore: UBS