Swiss Private Bank's wealthy clients are interested in Crypto

Vontobel Holdings AG CEO Zeno Staub spoke about his clients' interest in crypto, as he outlined the role blockchain technology has in enabling trust without the need for a central counterparty.

Swiss Private Bank's wealthy clients are interested in Crypto

Vontobel Holding AG CEO Zeno Staub spoke about his clients' interest in crypto during a recent interview with Bloomberg TV's Anna Edwards.

The private bank chief responded to what Vontobel clients want regarding cryptocurrency.

In his words, "Customers have a keen interest in crypto. In our opinion, the underlying technology is far more important than a specific application type."

Zeno Staub further outlined the role blockchain technology will eventually become, as the leading technology that enables trust without the need for a central counterparty,

“The repercussions of that will be monumental going forward. Clients appreciate the fact that we have wrapped some cryptocurrencies in a secure, convenient, easy-to-handle package, and as a result, some of their wealth goes towards it.”

Bitcoin's rally has made it increasingly difficult for leading financial brands to ignore the nascent asset class despite the rally in the past year.

In addition, there has been an increasing amount of interest in blockchain finance in Switzerland recently with the introduction of new legislation welcoming blockchain finance to the legal code which, experts believe many cantonal banks, retailers, and large banks will enter this space within the near future.

Cryptocurrencies such as bitcoin remain the most popular but interest is growing for other tokens.

Investors across the globe are becoming more comfortable with a variety of tokens, but critics believe the sector may be experiencing a bubble.

Some years ago, Vontobel announced that it would expand its Bitcoin product range by launching an open-ended, exchange-traded Bitcoin tracker certificate that would provide "an interesting option for all Bitcoin believers without having to deal with IT administration".

Meanwhile, Bitcoin bulls have taken control of the market, pushing the price of Bitcoin up by over $7,000 in the past few days.

It reached a two-month high of $42,184 on Saturday, fueled by the bulls. Bitcoin is at its highest point since mid-May when it crashed.