In order to provide digital asset services later this year, Swiss private bank Julius Baer has currently partnered with a cryptocurrency banking startup.
According to one of its announcement Julius Baer also claimed its partnership with SEBA Crypto AG. It also claimed its utilization of platform to offer storage, transaction and investment solutions so that digital assets could meet the growing demand of its clients.
Once the country’s financial regulator, the Financial Market Supervisory Authority (FINMA) gives the banking and securities dealer license to SEBA the arrangement will come to effect.
SEBA plans to go live with crypto banking operations in Q2 of this year and also filed its application with FINMA last June. An initial coin offering has also been prepared by the firm in Q3. Apart from that Julius Baer also did some equity investment in the SEBA last year but its amount is not yet disclosed by the company.
It is said by SEBA at an extraordinary meeting that Peter Gerlach, head of markets and board member at Julius Baer should be elected to its board of directors at an extraordinary general meeting that is scheduled on 20th March.
Gerlach updated is an interview that his firm is “convinced that digital assets will become a legitimate sustainable asset class of an investor’s portfolio.”
In order to establish its regulated cryptocurrency bank, SEBA which was launched by former UBS bankers raised 100 million Swiss francs in VC funding last September. It is done in order to offer traditional banking services to firms in the crypto industry and also in cryptocurrency trading, management of asset and custody services only for institutions who are interested in moving to space.
