Julius Baer, one of Switzerland's most famous investment company, has announced recently that it was going to launch various services related to cryptocurrencies. For this, the well-known bank will be in close cooperation with newly licensed crypto bank Seba AG, in which Julius Baer acquired a stake in 2018, having become its minority owner.
Thе Julius Baer’s decision for Switzerland as one of the oldest credit organizations in the country, whose authority in the global investment industry is solid enough may be a strong trigger for the rest of the players from the same sector to have products in line with rivals services range that allow customers to trade and store cryptocurrencies.
It is important that the partner of Julius Baer, Seba Bank AG, is an organization whose founders came from another well-known banking heavyweight, UBS. Recall, Seba Bank AG received permission in August 2019 to trade in securities, as well as a banking license from the main Swiss financial regulator, FMSA, and now awaits “green light” for working with crypto assets. For the time being, the services are offered to customers in Switzerland where Julius Baer uses SEBA’s “cutting-edge platform and capabilities,” according to the announcement details. After that, Julius Baer clients will be able to receive cryptocurrency trading services, as well as custodial services for digital assets. Seba Bank AG itself already has a special application that supports four cryptocurrencies: Bitcoin, Ethereum, Ethereum Classic and Litecoin.
It is worth noting that recently in Switzerland, the attitude towards the crypto world has begun to change. Firstly, the country's government is no longer opposing the Facebook project on launching the Libra cryptocurrency, and officials also intend to deepen work to create a favorable business climate for the cryptocurrency business, along with digital services spread all-around-the world.
Julius Baer Gruppe shares tumbled by 5.07 percent on Monday after news that company plans to cut 300 jobs aiming to diminish costs amid profit lowering by 37 percent.