On Tuesday, it was reported that Switzerland-based private bank Julius Baer has invested in the SEBA platform, also located in Switzerland, and initiated tight collaboration with it.
SEBA was set up in spring last year by former UBS employees, with its head office located in Zug. The firm works to bring together the world of old-school finances and the newly emerged crypto valuables through regulation.
The bank wishes to innovate
Julius Baer wants to work with SEBA to use the wide innovative opportunities it offers for the bank’s clients in the sphere of virtual assets due to a great rise in demand. In particular, the bank expects to enlarge its line of services, giving its customers innovative solutions for investing into digital assets, including their transfer and storage.
SEBA looks forward to getting a license
This partnership will commence as soon as the local regulatory authority FINMA issues SEBA a license for working in the sphere of banking and securities.
The head of the Markets department of Julius Baer, Peter Gerlach, believes that the bank will indeed manage to turn virtual assets into a legally operational asset class and make investors deeply interested. For this reason, they are investing into SEBA, wishing to innovate and become the first bank to succeed in this field.
Peter Gerlach has also been nominated as a member to SEBA’s board of directors.