Swiss bank UBS, the largest wealth manager in the world ($4.7 trillion), plans to allow trading of Bitcoin and Ethereum for private banking clients.

The launch will begin in Switzerland, with the possibility of expansion later to Asia and the United States.

The step comes in response to increasing demand from high-net-worth clients and competitive pressure from major banks.

UBS was previously cautious regarding cryptocurrencies, but it is changing its position with a broader adoption of blockchain technology.

The bank already has active blockchain projects, indicating a long-term institutional shift towards assets