🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

UBS has no role to play in algorithm-only crypto world-CEO

Published 06/14/2022, 12:29 PM
Updated 06/14/2022, 12:30 PM
© Reuters. FILE PHOTO: The logo of Swiss bank UBS is seen in Zurich, Switzerland October 25, 2018. REUTERS/Arnd Wiegmann/File Photo

MILAN (Reuters) - Swiss bank UBS is working to offer digital services that allow customers to buy real assets, but would advise them to stay away from crypto assets based purely on algorithms, Chief Executive Ralph Hamers said on Tuesday.

"If you would go to any digital application of real assets, like money, we can help you and that is what we're creating," he told a student conference on financial education in Milan.

UBS offers clients the "tokenisation" of gold, he said.

© Reuters. FILE PHOTO: The logo of Swiss bank UBS is seen in Zurich, Switzerland October 25, 2018. REUTERS/Arnd Wiegmann/File Photo

"You can buy crypto gold through UBS ... in two minutes you have the gold on your App but we make sure we have the gold in our safe."

However, "if you really want to go into the crypto world where it's literally only determined through algorithms, that's not where, at least for the moment, I see a role for us other than advising you not to do it."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.