Swiss Bank Julius Baer Prepares for An Entry In the Crypto Market
Switzerland’s 125-year-old veteran banking institution Julius Baer has announced that it will soon start offering digital assets services to its customers in the country. To give further wings to this project, Julius Baer will the Swiss Bank will partner with the cryptocurrency banking startup SEBA Crypto AG.
In an official statement released on Wednesday, February 26, the bank said that its decision to join the cryptocurrency space came after an increased demand coming from its customers for digital asset services.
Julius Baer also notes that with its new services, it aims to bridge the gap between traditional banking and the crypto sector. To offer its services, the Swiss Bank will leverage SEBA’s innovative crypto platform. Reportedly, crypto-startup SEBA has working since long to reduce the friction between regulators and crypto industry players.
Collaborating with SEBA, Julius Baer will offer the capability to store, trade and invest in crypto assets. Note that the partnership will come into effect after SEBA receives the FINMA banking and securities dealer license.
Peter Gerlach, Head Markets at Julius Baer and proposed member to the Board of Directors of SEBA, said: “At Julius Baer, we are convinced that digital assets will become a legitimate sustainable asset class of an investor’s portfolio. The investment into SEBA as well as our strong partnership are proof of Julius Baer’s engagement in the area of digital assets and our dedication to make pioneering innovation available to the benefit of our clients.”
Peter Gerlach, Head Markets at Julius Baer and proposed member to the Board of Directors of SEBA, said: “At Julius Baer, we are convinced that digital assets will become a legitimate sustainable asset class of an investor’s portfolio. The investment into SEBA as well as our strong partnership are proof of Julius Baer’s engagement in the area of digital assets and our dedication to make pioneering innovation available to the benefit of our clients.”
However, Julius Baer is not the first Swiss Bank to offer digital asset services. Banks like Swissquote and Falcon are already established players in this sector.
Recently, a number of banking institutions have shown interest towards digital assets. Earlier this month, Wall Street banking giant JP Morgan announced to launch its native crypto token JPM Coin. Although not available for retail use, the banking giant will use JPM Coin for instant payment settlement between its global clients.
Similarly, Japan’s banking giant, the Mizuho Financial Group has shown interest towards launching their own digital token J-Coin. Mizuho plans to onboard several Japanese banks and retails players. This step is seen as a move to establish a cashless society serving millions of users.