The Swiss company Julius Baer is now offering services to cryptocurrency users, reported Cointelegraph on January 27th.
By collaborating with Seba Bank AG, Julius Baer is offering its clients access to a select group of cryptocurrencies, crypto storage, and transaction solutions. Customers also get a consolidated overview of their portfolio across both conventional and digital assets.
Seba was granted a banking license by the Swiss Financial Market Supervisory Authority (FINMA) in mid-2019 as one of the first crypto banks offering services in the country.
Julius Baer is the number 3 private bank in Switzerland, after UBS and Credit Suisse, and 7th worldwide as of 2019. It has $379 billion in assets under management.
Asides from the Swiss private bank, other financial institutions around the world are also venturing into the cryptospace. Central banks in the Eurozone, Britain, Sweden, Japan, and Switzerland have partnered to explore the benefits of central bank digital currency (CBDC).
In the future, new banks and traditional financial companies could start working and offering services related to digital assets. Switzerland is known for having a very clear regulatory environment for firms to handle virtual currencies.