Peter Wuffli, the former CEO of UBS, an international bank based in Switzerland, has recently affirmed that the crypto market is attracting the attention of large banks because of the advent of regulated actors.
He was known for being the CEO of UBS during the 2008 crisis. At the time, the bank lost a lot of money and the Swiss government had to bail it out in order for the bank to continue existing. At the time, he resigned. Today, Wuffli works as a board member of the local crypto bank Sygnum.
Wuffli affirmed that he does not see a bubble in the market right now, which is a very different way of how things were in 2017. There are more serious planning about how to solve the needs of the clients and a better understanding of the market, its potentials and limitations.
Sygnum is also on its way to becoming a fully regulated bank in the country, so Wuffli was obviously talking about his own company, not Bakkt, which was also launched this week. However, there is a clear trend of very well-organized regulated institutions entering the crypto market, and banks such as UBS and Credit Suisse are looking at them.
According to Wuffli, interest has clearly picked up lately and people from these banks are starting to approach the crypto industry in Switzerland. What they want strategically and how committed they will be to this new market, however, is what we’ll see in the following months.