Julius Baer Group, a Swiss private bank, will provide bitcoin and other cryptocurrency products to high-net-worth people.
What is the Private Bank’s most likely goal?
In 2019, as the bank became more familiar with the business, it partnered with crypto bank SEBA. The business is the international benchmark in corporate finance, with a solid Swiss foundation.
Julius Baer Group, a private bank located in Zurich, was the first to build a proprietary digital wealth management system. The program will primarily focus on bitcoin and other cryptocurrencies for high-net-worth people.
During a presentation to investors, Julius Baer CEO Philipp Rickenbacher noted,
“It could well be that we are witnessing a bubble-burst moment of the crypto business right now, and we all know what happened after the dot-com bubble burst 30 years ago.”
The private bank expressed its objective of putting itself at the intersection where bitcoin and other cryptocurrencies meet the fiat world, despite the uncertainties of the area. Julius Baer aims to watch the nascent asset class carefully, following its progress and any potential opportunities.
SEBA is delighted by Julius Baer’s investment choice
Julius Baer sold a share to SEBA Crypto AG. In 2019, Julius Baer claimed that bitcoin and other cryptocurrencies will become the “ultimate sustainable asset class in an investor’s portfolio.”
Similar partnerships are in the pipeline
Through the arrangement, Julius Baer customers will be able to store, trade, and invest in digital assets. Banks see potential in the blockchain technology that underpins cryptocurrencies, but they aren’t rushing into a sector that has been plagued by regulatory control and price volatility.
Meanwhile, JPMorgan Chase stated last month that it would launch its virtual currency.
SEBA has applied for a license from the country’s financial market regulator to open a bank that would provide cryptocurrency operations and traditional banking services to businesses in the burgeoning industry.