Century-Old Julius Baer Enters A Joint Venture With SEBA

The crypto-friendly country Switzerland is stepping further into the crypto sector by integrating the blockchain industry into the traditional world of finance.

Julius Baer Bank joined forces with SEBA crypto bank to give clients crypto storage services, as well as transaction solutions. Julius Baer has a 130-year old tradition in Swiss banking, while the newly licensed SEBA Bank AG just received regulatory approval by Switzerland’s Financial Market Supervisory Authority (FINMA).

The renowned in the banking industry Julius Baer announced the news with a press release, further clarifying that “the increased demand for transactions and storage of digital assets” has led to a cooperation with SEBA to provide a “cutting-edge platform with increased crypto-related capabilities.”

However, the partnership between Julius Baer and SEBA dates back to February 26, 2019, when one of the oldest swiss banks announced signed a deal with SEBA. On the other hand, SEBA received the FINMA regulatory approval in August 2019, which made SEBA the second crypto bank to get a FINMA license. The first crypto bank to get FINMA’s approval was Sygnum Bank AG, while Bitcoin Suisse still awaits a regulatory decision.

The 130-year old banking establishment plans to expand its services range in order to consolidate client portfolios and "enrich" them with digital assets. However, the bank has yet to clarify the cryptocurrencies that it will offer, but stated that the chosen assets will be picked based on their tradeability, liquidity, safety, and reliability. The cooperation gives Julius Baer, which had over $435 billion worth of assets under management as of October 2019, the chance to further bring potential clients from over 25 countries, including Germany, the U.K., China, Russia, Mexico, Brasil, Singapore, and Japan.

SEBA started operation in November 2019, with a primary goal to mitigate the gap between traditional finance and the crypto industry. Despite being new to the market, SEBA now operates with clients from all over Europe and Asia.

Switzerland is becoming a new crypto hub, thanks to the positive stance towards the crypto industry by the Swiss government. Switzerland even has its own crypto valley, located on the canton of Zug. The so-called crypto valley is a home for over 800 fintech companies, recent reports show. Over 1,000 people have joined those companies in 2019 alone. Currently, over 4,400 people work in the crypto-related companies in the canton of Zug.  

The report was revealed at the blockchain-oriented CV summit in Davos. The event took place at the same time as the World Economic Forum’s annual meeting. According to the report, the top 50 crypto-related entities in Switzerland managed to raise over $4 billion for their operational needs. The top 50 is valued at over $25,3 billion. Interestingly, the crypto valley also accounts for being home for five unicorns (companies, valued at over $1 billion). The list includes Bitcoin’s runner-up – Ethereum, valued at little over $14,4 billion, followed by Dfinity with a $2 billion market valuation. The rest of the list includes companies like Polkadot, crypto exchange Bitmain, as well as Facebook’s stablecoin project – Libra.

Under the $1 billion mark are projects like Tezos, valued at $924 million, and Cardano, with an $869 million market valuation.

Cryptocurrency Crypto Market crypto Swiss Financial Market Supervisory Authority cryptocurrencies bank cryptocurrency news digital asset digital FINMA switzerland Banks

Cookie Policy

Cryptobrowser.io uses cookies to enhance your experience. By continuing without changing your settings, you agree to this use. To provide the best blockchain and crypto media on the web for free, we also request your permission for our partners and us to use cookies to personalize ads. To allow this, please click "OK". Need more info? Take a look at our Cookie Policy.

OK Cookie Policy