On the 21st of January 2020, the prominent Swiss private banking group, Julius Baer, officially released its brand of crypto services that include both assets trading and custodial services. This recent development is the fruit of the group’s budding relationship with Seba Bank AG, a crypto startup that is currently making waves in the industry.
It is worth mentioning that back in 2018, the now-partners were engaged in a minority equity stake allegation against each other. It seems that they have resolved this issue and have now decided to partner up with one another in 2019.
It was in April 2018 wherein former UBS bankers conceptualized and later produced Seba. As of August 2019, the organization was granted a banking license and a securities dealer by the Swiss Financial Market Supervisory Authority (FINMA). Julius Baer admits that the group’s sudden interest to penetrate the crypto market relied heavily upon Seba. And to be more specific – to its capability to achieve the right to release its services to the public officially.
Seba has already managed to broaden its services to recognized investors and institutional clients in nine different countries not long after FINMA granted its license. Seba’s crypto services are wide-ranged and impressive all in all. This is previously reported by Coinmod.
These services include their crypto-based app, “SEBAwallet,” excellent e-banking services, and SEBA card facilities. These exceptional services fully support the five giants of today’s cryptocurrencies – namely, Bitcoin, Ether, Litecoin, Stellar, and Ether Classic. Not only that, but they are also able to provide their investors with both crypto-to-crypto and crypto-to-fiat conversion services as well as offering enterprise accounts to other blockchain firms and their respective employees.
Julius Baer Sees Great Potential Regarding Crypto Services
Even though the full scope of Julius Baer’s newly released crypto services is still hazy, the firm has made it clear that they will take full use of Seba’s capabilities. This recent development for the major Swiss firm shows that they do see great potential with regards to crypto services. Julius Baer believes that the demand for it is steadily increasing, and this announcement serves as their way of meeting along with it.
As of right now, the current announced services include the following: Secure digital asset custody, consolidated portfolio overviews for digital and traditional assets, as well as cryptocurrency transaction solutions.
Julius Baer says that they will support a selected group of prominent cryptocurrencies. Their criteria for choosing are the crypto’s liquidity, technical prowess, and overall security. At the moment of this writing, the firm hasn’t announced which assets they will be offering.