Julius Baer, a multinational private bank based in Switzerland, announced it would be introducing digital assets offerings to its customers in collaboration with the crypto-friendly bank, SEBA which was awarded a FINMA licensed in August 2019.
The bank’s report notes it has expanded its service range to now include digital assets offerings like transaction solutions and secure storage for digital assets. However, it will also merge portfolio overviews across both digital and conventional assets.
As of now, Julius Baer will provide customers with access to a specific group of cryptocurrencies, selected with respect to their safety, traceability, and technical reliability. Its digital assets offering today is aimed to meet increasing demand.
Julius Baer and SEBA Relationship
The service upgrade was made possible through the bank’s partnership with SEBA bank. Both entities initially collaborated in February 2019, to enable Julius Baer to offer its clients access to a range of new digital assets services.
Hence, Julius Baer will be leveraging on SEBA’s capabilities and cutting-edge platform to offer its customers in Switzerland a wide range of digital assets services.
The associate bank, SEBA became the first crypto bank to receive a banking and securities dealer license from the Swiss Financial Market Authority (FINMA) on 26 August 2019. The grant represents a new secure and integrated access point to the crypto world.
It enables the bank to breach the gap between traditional and digital asset markets, allowing institutional and professional clients to trade, invest and borrow against conventional and digital assets.
Recently, the bank revealed its plans to set up second-stage fundraising of about $96.5 million (100m Swiss francs). In September 2018, it raised $103 million from Investors before it opened doors for business in November last year.
With a primary focus on cryptocurrencies, SEBA released a new digital currency index for diversified investment purposes, while also offering trading, custody, liquidity of the cryptos.