Here’s to another win for cryptocurrency and blockchain adoption in the world as prominent Swiss bank, Julius Baer has announced that they are set to start offering digital asset services towards the end of 2019.
The private Swiss bank announced the news on Tuesday in a press release via their official website where they stated that they had sealed the deal with SEBA Crypto AG to evolve as a financial platform set on providing their customers with digital options for investment and transaction purposes.
SEBA Crypto AG which is based in Switzerland is the first of it’s kind to bridge the gap between conventional banking and cryptos was founded in 2018 and is set to become the world’s first licensed universal blockchain powered bank.
Julius Baer hopes to provide their customers with cutting edge and innovative technological solutions as the demand for digital asset services increases. The only obstacle currently hindering this aim is acquiring a FINMA banking and securities dealer license for SEBA, (which they have already filed for) after which the partnership will begin and Julius Baer customers will be able to access the bank’s digital asset services.
According to the press release, the bank’s head of markets, Peter Gerlach 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.”
As per a press release issued by SEBA, since 2018, Julius Baer has already been a minority shareholder at the firm and now will be a major investor in the future. SEBA also proposed electing Peter Gerlach to the Board of Directors at the firm and stated that, “…We are delighted to propose Peter Gerlach as a new member of our Board of Directors. He complements the Board with extensive financial and market knowledge and a broad international network.”
Many Scandinavian countries and Switzerland are currently at the forefront of crypto adoption and integration into viable business models because of their progressive and tech savvy ways and we could not be happier.