Julius Baer Ties with SEBA to Boost Crypto Services

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.

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 Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term-based Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term 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.