Vontobel, a Swiss private banking and financial management firm, has confirmed that some of its rich customers have cryptocurrency exposure.
Zeno Staub, CEO of Vontobel in an interview with Bloomberg on Tuesday said that Vontobel’s clients are interested in cryptocurrencies, Blockchain technology, according to Staub, it will have a significant influence on global banking. The innovative technology is the logical result of the overall trend of securitization since it is the only available technology that can build confidence without a central counter-party. Staub further added that,
What we offer to our clients is that we’ve wrapped some cryptocurrencies in a secure, convenient, easy to handle way and clients appreciate that and allocate part of their wealth to that.
Staub’s remarks reaffirm recent assertions by other wealth management businesses regarding their wealthy customer’s rising interest in crypto exposure. Because of the increased interest, investment banks are becoming more motivated to provide crypto investment solutions to their rich clients. JPMorgan also revealed intentions to provide retail wealth customers access to Grayscale’s Bitcoin trust earlier this month.
In February, Vontobel issued two new tracker certificates on Bitcoin, for which there was particularly strong demand. Clients value the security of a regulated Swiss bank as a counter-party. In July 2016, Vontobel was the first Swiss issuer to issue a tracker certificate on Bitcoin with great success. At the Swiss Derivative Awards 2021 in Switzerland, Vontobel took first place in the “Product on alternative underlying” category with the ‘Long Mini Future’ on Bitcoin Future.
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