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Swiss Private Bank to Offer Crypto Services

Julius Baer bank Switzerland startup SEBA Crypto

A private bank based in Switzerland is to offer a range of crypto services to its clients, after reaching an agreement with a startup crypto bank.

Banking giant Julius Baer announced it would be partnering with Swiss crypto startup SEBA Crypto to deliver the services, which will include transactions, investment and digital asset storage, in a bid to bring cryptocurrency access to its existing clients nationwide.

SEBA Crypto was launched by a team of former bankers at UBS, and has secured some $104 million in VC funding to set up a regulated cryptocurrency bank. The partnership with Julius Baer will allow the startup to access the bank’s existing customers, while allowing the bank to offer crypto services at scale for the first time.

The services will commence on completion of the licensing process, with SEBA Crypto currently awaiting clearance from the Swiss Financial Market Supervisory Authority in respect to its banking and securities dealer license.

Once the license is in place, Julius Baer customers will be able to access the SEBA platform through a single interface, providing easy access to the range of digital asset services.

The partnership comes a year after Julius Baer became a minority shareholder in SEBA Crypto, with the latest move seeing an executive from the bank joining the board of directors at SEBA.

Peter Gerlach of Julius Baer, who will join the SEBA board, said the deal was recognition of the bank’s view on the future role of crypto assets for investors.

“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 as well as our strong partnership are proof of Julius Baer’s engagement in the area of digital assets and our dedication to make pioneering innovation available to the benefit of our clients.”

Guido Bühler, CEO at SEBA Crypto, said the cooperation between the firms will create opportunity for both firms, as well as for customers.

“We are very proud to have Julius Baer as an investor. SEBA will enable easy and safe access to the crypto world in a fully regulated environment. The cooperation between SEBA and Julius Baer will undoubtedly create value for the mutual benefit and to the clients.”

The announcement is the latest example of a mainstream bank adopting cryptocurrency and digital asset services for its clients, at a time of increasing demand from investors.

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