The CEO of the Swiss private bank Vontobel, Zeno Staub, said that the bank’s wealthy clients have begun to show great interest in cryptocurrencies.
In particular demand among retail and institutional investors is a certificate tracker that allows investors to trade bitcoin for US dollars. Staub also spoke about the possibilities of blockchain technology. He believes that blockchain is already having a significant impact on the global financial system, modernizing and simplifying many time-consuming processes.
The CEO of Vontobel called blockchain the only technology available that can provide transparency and trust between parties without a centralized governing body.
Bank Vontobel became one of the first banks in Switzerland to create Bitcoin-based investment products since 2016. In January 2019, Vontobel launched a regulated service through which banks and asset management firms can store, buy and sell cryptocurrencies. According to the financial statements of Vontobel, in the first half of 2021 the value of assets under the management of the bank increased by 11% and reached a record level of 274.5 billion Swiss francs (about $ 300 billion).
“We have packaged some cryptocurrencies into investment products that allow our clients to safely enter the cryptocurrency market. Recently, more and more clients are willing to invest part of their capital in cryptocurrencies, ”Staub said.
Staub’s comments echo the recent announcement by JPMorgan Chase that investors are starting to see cryptocurrencies as a new asset class. In June, investment bank Goldman Sachs announced plans to launch Ethereum futures and options trading, although analysts at the bank believe investing in cryptocurrencies is risky.
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