$6.9 trillion investment banking company UBS plans to become the latest firm to offer bitcoin and crypto trading to its clients. Per a UBS spokesperson, the Swiss banking giant will make cryptocurrency investing available for some private banking clients, marking a big step forward for crypto on the global stage.

Sources close to UBS say the bank is in the process of selecting partners for a crypto offering. Discussions have reportedly been ongoing for several months, and UBS hasn’t made a final decision on how to proceed. One specific unnamed source said that UBS would initially allow select clients of its private bank in Switzerland to buy and sell bitcoin and ether. The offering may then be rolled out in markets like the Asia-Pacific region and the US.

“As part of UBS’ digital asset strategy, we actively monitor developments and explore initiatives that reflect client needs, regulatory developments, market trends, and robust risk controls,” a UBS spokesperson said. “We recognise the importance of distributed ledger technology like blockchain, which underpins digital assets.”

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UBS has been quiet compared to other banking institutions and asset managers when it comes to crypto. Others like Morgan Stanley, Deutsche Bank, and JPMorgan are beginning to embrace the industry and offer crypto products to their clients. UBS is one of the world’s largest wealth managers, so the decision to follow those other banking firms is viewed as a “shift of the tide” moment.

UBS has, until recently, focused digital-asset efforts on building blockchain-based infrastructure for things like tokenization. Back in November 2023, UBS made trading in crypto-linked ETFs available to wealthy clients in Hong Kong, joining competitors like HSBC Holdings Plc. Now, it will reportedly join its peers and dive fully into crypto offerings for its wealthiest clientele.