Swiss banking giant Julius Baer has partnered with cryptocurrency bank SEBA Crypto to offer its clients access to digital asset services. According to a February 26 press release, the partnership will come into effect when SEBA is granted a securities dealer and banking license by the Swiss Financial Market Supervisory Authority.
Some of the services the bank plans on offering its clients include digital asset storage, transaction, and investment solutions, the press release noted. Peter Gerlach, Head Markets at Julius Baer and proposed member to the Board of Directors of SEBA, said that the partnership was born out of the bank’s drive for innovation. “At Julius Baer, we are convinced that digital assets will become a legitimate sustainable asset class of an investor’s portfolio,” he said.
Guido Bühler, CEO of SEBA, commented on the news, saying that the company was “very pleased” about the cooperation with Julius Baer. He also added that the bank proposed Peter Gerlach as a new member of SEBA’s Board of Directors. The press release noted that Julius Baer has been a minority shareholder of the cryptocurrency bank since 2018.
In September last year, SEBA completed a funding round rising just shy of $100 million in order to improve its cryptocurrency related services. The same year, Julius Baer reported having over $381 billion in assets under management.