Julius Bear Group (like all financial institutions for that matter), arrives at the crossroads between Fiat currency and cryptocurrency. Faced with this, the Swiss private bank, established in Zurich, makes choices to meet challenges: it launches into cryptocurrency. In collaboration with SEBA, a Swiss bank specializing in digital assets, Julius Bear will offer cryptocurrency, including bitcoin, to its high-end customers.
A first step towards digital assets in 2019
Julius Bear Group is a private banking group, established in 1890 and based in Zurich, Switzerland. The firm focuses on investment advice, financial market services, wealth and tax planning, asset management, specialist lending services and real estate financing for private and institutional clients.
In 2019, the bank made its first foray into the sphere of digital assets by entering into a partnership with SEBA Bank, founded a year earlier. This Swiss bank had built a progressive technological bridge between the worlds of traditional and digital assets.
Through this collaboration, Julius Bear Group leverages SEBA’s innovative platform and capabilities. This, in order to provide its customers with cutting-edge solutions in the field of digital assets. Faced with growing demand, Philipp Rickenbacher, CEO of the bank, compares the arrival of cryptocurrency and DeFi to that of the Internet in the early 2000s. This will disrupt banking systems.
Towards a new banking system?
Julius Bear Group is optimistic about the potential of cryptocurrency. This is the reason why it invested in SEBA. In the words of Philipp Rickenbacher, CEO of Julius Bear, this could “ potentially transform the expensive and complex traditional parts of the old banking system “. The bank has already set up a pilot program to test the new services.
It now offers a selection of digital asset services using SEBA’s cutting-edge platform and technologies. These offers, a selection of at least five cryptocurrencies (Bitcoin, Ether, Stellar Lumens, Litecoin, Ether classic), are reserved for its Swiss customers and the wealthiest. The proposed digital assets were chosen for their “ negotiability, security and technical reliability ».
Concretely, customers can securely store, exchange and borrow against traditional and digital assets. Julius Bear Group promises a new, simple and more secure banking experience.
Bridging the gap between fiat currencies and digital assets is difficult for banking institutions. This even more than a decade after the invention of Bitcoin, despite the development of cryptocurrencies. Nevertheless, hybrid strategies put in place by banks like Julius Bear Group seem to embrace DeFi. The bank is proud to be able to provide easy and safe access to the world of cryptocurrency. And this, in a fully regulated environment.
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Interested in investment and financial markets after a business school in Chambéry, the passion for cryptocurrencies was obvious. The blockchain is surely the universal tool of tomorrow.