The Swiss private banking industry is stepping up its efforts to become a great global player in the crypto-industry. Julius Baer, one of the largest and oldest Swiss private banks, and SEBA Crypto AG are now joining together to offer their customers a set of digital asset services in a fully regulated environment.
The major Swiss banks are adopting the cryptoLights
The Julius Baer Group has partnered with SEBA to meet the increasing demands of its clients for crypto asset services. According to the announcement of February 26, 2019,
Julius Baer will partner with SEBA to take advantage of their innovative platform and capabilities to provide Julius Baer's leading digital asset solutions to meet growing demand.
Julius Baer is pleased to announce its collaboration with SEPA Crypto AG to provide its customers with access to a number of new digital asset services. https://t.co/5ADODyL58s @WeAreSEBA
– Julius Bauer (@juliusbaer) February 26, 2019
Upon the announcement, Peter Gerlach, the main markets of Julius Bayer,
At Julius Baer we are convinced that digital assets will become a legitimate and sustainable asset class of the investor portfolio. SEBA's investment, as well as our strong partnership, is proof of Julius Baer's commitment to digital assets and our dedication to making innovative innovations available to our customers.
Julius Baer's movement follows the trend set by other Swiss private banks. In August 2017, Maerki Baumann Private Bank announced that it would accept cryptoLooks. Falcon now allows direct cryptotransfers, and its blockchain makes it easier to invest in Bitcoin, Bitcoin Cash, Ether and Litecoin.
Moreover, the Swiss Stock Exchange Six is now offering the ETP for the heavyweight battleship crypto and plans later this year to offer its own security system (STO).
Overcome the gap between Fiat and Cryptocurrencies
SEBA, based in Zug, Switzerland, aims to "build a FINMA controlled and progressive technological bridge between traditional and crypto-worlds."
SEBA currently asks the Swiss Financial Market Supervisory Authority (FINMA) for a banking license.
The partnership with Julius Baer will enter into force when SEBA receives a securities dealer and a FINMA bank license.
Thus, besides providing a platform for solutions for storage, transactions and trading of digital assets, SEBA will ensure that these services will be delivered within the FINMA regulatory framework. In this regard, Guido Buehler, CEO of SEBA,
We are very proud to have Julius Bayer as an investor. SEBA will allow easy and safe access to the Crypt-World in a fully-regulated environment. The co-operation between SEBA and Julius Baer will undoubtedly create value for both mutual benefit and customers.
How do you think Julius Bair and other major Swiss banks in the crypto-space will affect the value of the battlefield? Tell us in the comments below!
Photos provided by Twitter / @ Juliusbaier, Shutterstock