Swiss bank Julius Baer looking to offer digital asset services in the near future

26 Feb, 2019
by Richard Allen
Swiss bank Julius Baer looking to offer digital asset services in the near future

Announced on Tuesday, Swiss private bank Julius Baer has partnered with a crypto banking startup to offer digital asset services later this year, CoinDesk reports.

Julius Baer has stated that it's teamed up with SEBA Crypto AG, utilizing the platform to provide storage, transaction and investment solutions to meet clients’ growing demand for digital assets.

Filing its application with the Financial Market Supervisory Authority (FINMA) in June last year, SEBA is currently awaiting approval. The agreement will only come into effect once approval has been received, but the company is planning on going live with its crypto banking services in Q2 of this year. The firm is also planning on launching an ICO in Q3 of 2019.

SEBA has proposed to shareholders that Peter Gerlach, head of markets and board member at Julius Baer, should be elected to its board of directors.

Gerlach has stated that his company is “convinced that digital assets will become a legitimate sustainable asset class of an investor’s portfolio.”

In September last year, SEBA raised $103 million in VC funding with the goal of bridging the gap between traditional banking and the cryptocurrency industry. SEBA is led by former UBS bankers Guido Beuhler and Andreas Amschwand.

Read more: Japanese banking giant Mizuho launching its stablecoin in March; Max Keiser on JP Morgan coin: "Epic failure according to the market"

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