Swiss Bank Julius Baer To Offer Crypto Services
Julius Baer, which is a Swiss private bank, has recently partnered with a crypto banking startup. The idea behind the partnership is to offer digital asset services, something that is expected to materialize later this year.
Partnering With SEBA Crypto AG
According to the official report, the aforementioned bank is partnering with SEBA Crypto AG. From there, it would utilize the platform in order to offer transaction, storage, and investment solutions specifically for cryptocurrencies. By doing so, the banking institution is confident it would meet the ever-growing demands of its clients.
The partnership is expected to come into effect as soon as SEBA obtains a banking and securities dealer license, which will be coming from its country’s financial regulator. The latter, in particular, is none other than the Financial Market Supervisory Authority or FINMA.
The aforementioned crypto banking company has just completed its application with the said regulator, a filing that took place sometime in June last year. The startup is planning to go live with digital currency banking operations in the second quarter of this year. The details of its roadmap have been posted on its official website. In addition, the firm is already preparing for an initial coin offering (ICO) and is going to be jumpstarted come this third quarter.
The news follows Julius Baer’s very own equity investment in SEBA last year. It is worth noting, though, that the former did not necessarily disclose the exact amount.
Proposing Peter Gerlach
SEBA, on the other hand, confirmed the news but it was made via separate statement. In its statement, the crypto banking company state it will propose to its shareholders that the head of markets and board member at Julius Baer named Peter Gerlach should be elected to its board of directors. The decision to do so from the company is going to take place at an upcoming general meeting, with March 20 being the official date.
Gerlach implied that his company is quite convinced about the idea of digital assets becoming a more legitimate sustainable asset class than before. And unlike in the past, it is going to be a hit in any investor’s portfolio.
It should be noted that SEBA was originally launched by former UBS bankers. Ever since its VC funding, which took place in September last year, the company was successful in raising at least 100 million in Swiss francs or $104 million. The funding is meant to establish the firm’s regulated crypto bank, so traditional banking services can be offered to companies in the crypto space.