Swiss company Julius Baer enters the crypto market
The Swiss company Julius Baer now offers services for crypto currencies. The company decided to implement a solution for trading and custody of digital assets after signing an agreement with Seba Bank AG. The information was published in an official blog post a few days ago.
The Swiss wealth management company Julius Baer has introduced a digital wealth trading and custody service in partnership with FINMA-licensed Seba Bank. Julius Baer first announced its intention to move into the crypto-room in February last year, subject to the condition that the Swiss start-up Seba – in which Julius Baer holds a minority stake – obtain a banking and securities trading licence from the financial market regulator FINMA.
Seba was founded in April 2018 by former UBS bankers and received regulatory approval in September last year. Julius Baer now offers its clients booked in Switzerland a choice of services in trading and custody of digital assets as well as a consolidated portfolio overview of conventional and digital assets. Seba received the licence from FINMA as one of the first crypto banks to offer services in Switzerland. The above agreement will enable Julius Baer to take advantage of the opportunities offered by Seba. The services offered also include secure storage and transaction solutions for clients wishing to manage crypto currencies.
Seba introduced its services last year both for professional customers and for crypto businesses. In addition to normal banking services, it will also offer services for other investment products, tangible assets and rights. The crypto-bank is also well positioned, as its CEO announced last year that it has raised 100 million Swiss francs (around 96 million dollars) in the first 18 months of its existence. In the meantime, the bank plans to raise a further 96 million dollars from financial institutions, family offices and wealthy individuals in a second round.
Julius Baer now offers crypto services
Julius Baer wrote about the new service in the official announcement:
“Julius Baer has expanded its service offering to include digital asset offerings such as secure storage and transaction solutions as well as consolidated portfolio overviews of conventional and digital assets.”
In addition, the Bank will also provide access to a selected group of crypto-currencies that are recognised for their security, technical reliability and tradability. The virtual currencies that they offer to traders and users are not currently mentioned publicly. Nevertheless, one could assume that Bitcoin (BTC) has been included, as it is the largest, oldest and one of the most traded virtual currencies in the world.
Seba Bank AG is based in Zug, also known as the “Crypto Valley”. Here companies from the crypto-currency world and the blockchain industry offer their services and products not only in Switzerland but also in other European countries. In the future, new banks and traditional financial companies could start operations and offer services related to digital assets. Switzerland is known for having a very clear regulatory environment for companies handling virtual currencies.