The past several months have revealed mainstream financial entities are still interested in the blockchain and crypto space. Due to a recent partnership, major Swiss bank Julius Baer will offer digital asset exposure.
Julius Baer SEBA partnership
One of the biggest listed Swiss banks, Julius Baer, partnered with a new company called SEBA Crypto, according to a February 26 Reuters article. Through the partnership, Julius Baer clients reportedly will have access to crypto storage, investing and trading.
Quoted in the Reuters article, Peter Gerlach, market head for Julius Baer, said, “[w]e are convinced that digital assets will become a legitimate sustainable asset class of an investor’s portfolio.”
Julius Baer previously invested in SEBA in 2018. The collaboration between SEBA and Julius Baer will commence when SEBA gains licensing approval. Reuters explained, “SEBA is seeking a license from Switzerland’s financial market supervisor to build a bank offering cryptocurrency services as well as extending traditional banking services to firms in the new industry.”
SEBA also reportedly plans to create its own token and conduct an initial coin offering (ICO) later in 2019.
Crypto exposure to the mainstream
According to a statement on Julius Baer’s website, SEBA looks to provide a regulated path to digital assets in the same way traditional assets are available. The statement continued, “Julius Baer will enter into a partnership with SEBA to take advantage of their innovative platform and capabilities in order to provide Julius Baer clients with leading-edge solutions in the area of digital assets to meet an increasing demand.”
Describing benefits of the partnership, SEBA’s CEO Guido Buehler said, “[w]e are very proud to have Julius Baer as an investor. SEBA will enable easy and safe access to the crypto world in a fully regulated environment.”
Other players joining the blockchain space
Additionally, Signature Bank launched its own private blockchain-based transfer system and stable digital asset, as Forbes covered in December 2018.