Swiss banking giant Julius Baer has partnered with SEBA Crypto AG to extend its crypto-based services.
With this partnership, the bank will extend its services to provide storage, transaction, and investment solutions for digital assets, while SEBA will provide Julius Baer’s clients with easy and secure access to these services in a fully regulated environment.
According to the announcement, both entities have already agreed upon the partnership. However, the deal will not come into effect until SEBA receives its banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA), which the crypto bank is expecting to receive in June this year.
Last September, the Switzerland-based crypto bank raised $104 million from a wide range of investors including Julius Baer.
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Commenting on the development, Guido Bühler, CEO of SEBA, said: “We are very pleased about the cooperation because Julius Baer’s customers can be offered direct and secure access to the crypto world via the SEBA platform.”
Access to the Board of Directors
The blockchain-based fintech company also revealed that it is planning to onboard Julius Bear’s head of markets and executive board member Peter Gerlach to its board of directors. The firm will put this proposition before its shareholders in the upcoming Extraordinary General Meeting on 20 March 2019.
“At the same time, we are delighted to propose Peter Gerlach as a new member of our Board of Directors. He complements the Board with extensive financial and market knowledge and a broad international network,” Bühler added.
Though the Swiss bank strongly disparaged cryptocurrency investment in the past, last September Finance Magnates reported that the firm was considering the idea to introduce digital asset-based investment products.
“At Julius Baer, we are convinced that digital assets will become a legitimate sustainable asset class of an investor’s portfolio. The investment into SEBA and the strong partnership are proof of Julius Baer’s engagement in the area of digital assets and underpin our dedication to provide our clients with pioneering innovations,” Peter Gerlach said.