One of the oldest banking institutions in Switzerland, Julius Baer, has just started offering crypto services including advice, trading and investing to its high-net-worth clients.
Julius Baer Group, a private bank based in Switzerland, announced that it is creating a proprietary digital wealth management system focused on Bitcoin (BTC) and other cryptocurrencies exclusively customized to cater to the bank’s wealthy clients. The bank will notably explore the digital asset class integrating it into its holistic wealth management proposition. The Swiss private bank aims to “innovate through digital advancements of wealth management”.
Julius Baer’s Venture Into The World Of Cryptocurrency
According to the official blog post, Julius Baer Group, said that its goal is to place itself at the interface where cryptocurrencies meet with the fiat world. The Swiss bank plans to keep a watchful eye on the growing asset class, monitoring its evolution and any opportunities keeping in mind the volatility of the space. It stated that,
“Julius Baer Group is well-prepared to successfully navigate both its clients and its business through the disruptions decentralized finance will inevitably pose.”
Philipp Rickenbacher, CEO at Julius Baer, emphasized that digital assets and decentralized finance have paved the way for the emergence of a new sector that has revolutionized the financial world. He noted that the digital asset sector could potentially disrupt the “traditional cost-heavy and complex parts of the old banking system.”. Rickenbacher further added,
“It could well be that at this very instant we are witnessing a bubble-burst moment of the crypto industry, and we all know what happened after the dot-com bubble burst 30 years ago.”
The Swiss financial service provider also plans to develop its own research platform to offer its clients, investing advice on other Web 3 technologies including decentralized finance (DeFi) and other blockchain networks. The pilot programs will comprise of token booking, trading, compliance and develop the vocabulary around digital assets.
Julius Baer’s Tryst With Crypto
Last year, Julius Baer had signed a partnership with Switzerland-based SEBA Crypto AG, one of only two fully-regulated crypto banks in Switzerland. Through the partnership, Baer noted that it would extend its service range in providing storage, transaction, and investment solutions for digital assets. Peter Gerlach, Head Markets at Julius Baer, noted,
“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.”