One of the largest Swiss Private Banks Julius Baer is Entering the Crypto space
Swiss banking giant Julius Baer has decided to dip its toes into the Crypto market in this bear market.
Julius Baer, One of the largest private banks in Switzerland ($380+ Billion AUM) announced on Tuesday that it is partnering with the Crypto banking startup SEBA Crypto AG to offer digital asset storage, transaction and investment solutions to its clients.
The partnership with Zug based SEBA will come into effect after it has been approved a security and banking license from the Swiss regulator FINMA (Swiss Financial Market Supervisory Authority). Julius Baer owns an undisclosed amount of equity in SEBA since last year, SEBA also plans to make Peter Gerlach, head of markets at Baer as one of its board of directors.
Peter Gerlach, Head Markets at Julius Baer 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.”
SEBA raised 100 Million Swiss Francs ($104 Million) last year in September, it aims to become a regulated Cryptocurrency bank that offers its services to Crypto companies while also providing Crypto asset management and custody solutions.
Joseph Young tweets:
Completely coincidentally, the leading Swiss bank's name is Baer (means bear in English) and the name of the CEO is Hodler.
Credit to @FinTacheles
— Joseph Young (@iamjosephyoung) February 26, 2019
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