Julius Baer, one of the most famous and largest private banks in Switzerland, announced that it will begin to provide his clients with new and diverse services in the field of digital assets. The initiative is being implemented in partnership with a cryptocurrency banking startup SEBA Crypto AG.
Julius Baer will begin to provide these services after SEBA Crypto obtains a banking license and a securities dealer’s license from the Swiss Financial Markets Supervision Authority (FINMA). The corresponding application was filed in June 2018, and as expected in SEBA Crypto, the company will begin operations in the second quarter.
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.
Head Markets, Julius Baer and proposed member, Board of Directors of SEBA
According to a message on the SEBA Crypto website, a meeting of the company's shareholders will be held on March 20, at which the issue of including Peter Gerlach on the board of directors will be considered.
Last year, Julius Baer acquired a stake in SEBA Crypto, the exact size of which was not disclosed. In addition, in September, SEBA Crypto, based in Cryptodoline, attracted an investment of 100 million Swiss francs.
In 2018, Julius Baer reported that the size of the assets under his management was 382.1 billion Swiss francs (about $ 381.6 billion).