Julius Baer is one of the biggest private banks in Switzerland. The company announced yesterday that its clients now have access to cryptocurrencies.
— Julius Baer (@juliusbaer) February 26, 2019
This progressive move was done thanks to the strategic partnership with SEBA Crypto AG (SEBA). SEBA is a crypto focused bank and managed to raise over $103 million in September 2018.
The move is not all that surprising considering global acceptance is rising. Recently, many of the largest global financial institutions like Nasdaq, ICE and Fidelity have begun to support crypto.
Julius Baer joining the crypto market will rapidly intensify the growth and acceptance of crypto assets. According to the official statement, the company will use SEBA’s innovative platform. Julius Baer’s clients will be given access to cryptocurrencies and additional measures are undertaken to make sure the company can meet the rapidly growing demand for digital assets.
Julius Baer is forging long-lasting partnerships
With all details of the partnership finalized, both companies are now waiting to be granted the FINMA banking and securities dealer license. If everything goes without unexpected developments, the license will be acquired shortly.
The head of Markets at Julius Baer, Peter Gerlach stated:
“In our company, we are convinced that in the future, digital assets will be a key component in every investor’s portfolio. Our investment into SEBA combined with our exceptional partnership are proof of Julius Baer’s determination. We are engaging the area of digital assets and we intent to share the benefits of this innovation with our clients.”
The CEO of SEBA, Guido Buehler was also very pleased with the developments. He stated that this deal will undoubtedly strengthen the partnership between the two companies:
“We are very pleased and proud to have Julius Baer as an investor. Here at SEBA, we will do our best do enable a safe, easy and reliable access to the crypto world within a fully regulated environment. This cooperation will create much opportunities for mutual benefit for the companies and the clients.”
Many investors were very interested in the launch of SEBA back in September. This was precisely because of the rumors that Julius Baer and other high-profile individuals of the Swiss banking sector would be involved. The deal with Julius Baer is expected to increase SEBA’s contracts with financial institutions.
When it comes to crypto, Switzerland has always been ahead of the curve together with Japan, South Korea, Malta and Singapore.
This integration of crypto services will further legitimize this unique asset class to both current crypto investors and investors from the traditional financial sector.
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