The Swiss private bank sector is accelerating its moves to become a more formidable global player in the cryptocurrency space. Julius Baer declared on February 26 that it would provide cryptocurrency services to all esteemed customers across the globe.
Switzerland’s third-largest bank partnered with SEBA Crypto AG, a Zug-based startup, to exploit their institutional-grade cryptoassets solution. The financial institution noted in a press release that the vital partnership with SEBA would enable them to provide its customers cryptocurrency storage, transactions as well as investment solutions.
SEBA aims at creating a financial market supervisory authority (FINMA) administered and liberal technological conduit between the traditional (fiat) and cryptoasset worlds.
The effort follows a significant integration of cryptocurrency assets by another giant financial institution to their platforms. Before Julius Baer, Switzerland-based Falcon Private Bank had also earlier declared that it would allow its customers to store, buy, sell and invest cryptocurrencies such as Bitcoin, Ethereum, Dash, Maker, Ripple, EOS, TRON, Bitcoin Cash, Stellar, Litecoin and many more.
Moreover, last week, other banking bulls JPMorgan and Mizuho Financial Group proclaimed that they would roll out their cryptocurrencies for remittance and internal payment settlement. JPMorgan was planning to launch JPM Coin. In August 2017, another giant in the banking sector known as Maerki Baumann Private Bank also declared that it would be allowing digital assets.
In a statement, the Head of Market at Julius Baer, Peter Gerlach, commented:
“We are convinced that digital assets will become a legitimate, sustainable asset class of an investor’s portfolio. The investment into SEBA as well as our strong partnership is proof of our engagement in the area of digital assets and our dedication to make pioneering innovation available to the benefit of our clients.”
In addition, Swiss stock exchange Six has been providing a Bitcoin-heavy digital currency ETP for some time and is now considering its own security token offering (STO) before 2019 ends.
The involvement of significant Swiss banking ventures will impact and play an important role in the cryptocurrency landscape including boosting the value of Bitcoin.