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

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FILE PHOTO: Logo of Swiss bank UBS is seen in Zurich

MILAN – 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.

“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.”

(Reporting by Valentina Za; Editing by Keith Weir)