The 125-year old Swiss bank has entered into a partnership with cryptocurrency banking startup Seba Crypto AG after huge demands of availing crypto services by its customers. In its statement released on Feb 26, the bank said that the new partnership would allow access to a range of digital assets to its customers.
The bank also claims that the recent partnership is aimed at bridging the gap between the traditional and digital assets with the help of Saba’s innovative platform.
Peter Gerlach, head of marketing in his statement to the media said,
“At Julius Baer, we are convinced that digital assets will become a legitimate sustainable asset class of an investor’s portfolio,”
The final outcome of the partnership is dependent on Switzerland’s financial markets regulator FINMA which needs to grant a banking and security dealing license to the Seba. The approval by FINMA might come later this year.
Julius Baer Can Play a Pivotal Role in Bringing Traditional banks to The Crypto Space
The decision by the Julius Baer bank which has $382 billion worth of assets under its control can play a pivotal role in bringing traditional institutions to the crypto space. Most of the traditional banking system around the globe have been critical and over-cautious in their approach towards the cryptocurrencies and various crypto-related service offerings.
The recent partnership is a clear indication that the traditional banking systems are now ready to take the risk by entering the crypto space. This would not only help them gain a wider userbase who are looking towards crypto but also help the cryptomarkets to be more widely accepted.
The Chief Operating Officer at Seba, Mr. Guido Buehler seemed quite jubilant over the investment from the Swiss bank Julius Baer. He stated,
“We 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.”
With the investment from the Swiss bank, Seba would become one of the very few startups to close the gap between traditional and digital asset management.
Switzerland one of the Most Progressive Crypto Nation
Amid the hues and cries over strict regulations and how regulators are turning a roadblock in crypto acceptance, Switzerland has decided to take a progressive step towards legalizing and even formalizing crypto use in the country. However, a few crypto projects were still finding it difficult to open bank accounts due to the confusion over the regulations.
The recent partnership of Julius Baer has given rise to hope of better future and comprehensive partnerships between traditional and digital assets.