One of the oldest and one of the largest bank in Switzerland, with $380 billion in assets under management and close to one trillion dollars in total assets, plans to provide storage, transaction and investment solutions for digital assets.
Julius Baer, a private bank noted amongst fellow Swiss banks like UBS and Credit Suisse, plans to offer crypto services through a partnership with SEBA Crypto AG, a start-up that raised $100 million in September with Julius Baer being one of the investors.
“At Julius Baer, we are convinced that digital assets will become a legitimate sustainable asset class of an investor’s portfolio,” Peter Gerlach, Head of Markets at Julius Baer said, adding they are dedicated “to make pioneering innovation available to the benefit of our clients.”
Crypto services will start being provided after SEBA receives a FINMA banking and securities dealer licence, the bank said.
Julius Baer serves wealthy individuals, with the bank known for its banking secrecy and bank–client confidentiality.
In 2016, Julius Baer reached a $547.25 million settlement with US authorities after the Department of Justice (DoJ) said Julius Baer had helped US citizens dodge taxes from “at least the 1990s through 2009.”
This recent move comes after a number of other smaller Swiss private banks begun offering crypto services, with Julius Baer being the biggest bank yet, certainly in Switzerland, but perhaps in the entire world to start providing crypto storage and investment solutions for digital assets.
Which digital assets exactly is not clear with the bank waiting for the FINMA license first before finalizing the details of their offerings.