The Swiss private bank Julius Baer enters into a cooperation with the crypto company SEBA Crypto AG. The bank, which already holds a stake in SEBA, intends to expand its product range in the field of digital assets.
More and more established banks rely on crypto assets and blockchain technology. According to JP Morgan, Swiss bank Julius Baer will offer crypto banking services. For this, the traditional bank is partnering with a crypto-fintech.
Digital asset are worth it
In a press release from the bank, which is one of the largest European asset managers, states: “At Julius Baer, we believe that digital assets will become an established sustainable asset class in an investor’s portfolio, as evidenced by the investment in SEBA and the strong partnership Julius Baer’s commitment to digital assets and the desire to bring forward-looking innovation to our customers”.
A bridge between conventional and crypto assets
SEBA wants to build a bridge between conventional and crypto-assets. In 2018, the crypto company had collected 100 million Swiss francs of venture capital from investors. By the end of the summer of 2019, the crypto-company expects to obtain a banking license from the Swiss Financial Market Supervisory Authority Finma.
This Swiss bank is not the only one
Other private banks are also increasingly active in the area of crypto-banking and blockchain technology. For example, Bank Frick, Falcon Bank and Maerki Baumann have been offering crypto banking services for quite some time. Bank Vontobel has also been active in cryptography since 2016, according to the “NZZ”.
Together with SEBA, Julius Baer plans to offer “solutions for storing, transacting and investing digital assets”. What specific crypto-banking services and assets the bank will offer is not yet known.