Julius Baer a Swiss private bank has partnered with SEBA Crypto AG, a crypto banking startup to provide digital assets services sometime this year. In an announcement made yesterday the bank said that it had partnered the crypto startup and would use the platform to offer storage, investment solutions, and transactions for digital assets to meet the growing demand of its clients.
The crypto banking startup plans to offer an ICO in Q3
The deal is set to begin once the crypto banking startup receives a banking and securities dealing license from the Swiss financial regulator the Financial Market Supervisory Authority (FINMA). According to the roadmap that is published on the SEBA website the startup filed its application with the financial regulator last June. Now, it plans to launch in the second quarter of this year. Also, there are plans to offer an initial coin offering in the third quarter of 2019.
Julius Baer made its intention to work with SEBA clear last year after the bank invested in the startup even though the numbers involved were not revealed.
SEBA also confirmed the news in a separate statement. The firm added that it had plans to propose to its shareholders that Peter Gerlach, who is a board member and the head of markets at Julius Baer to be elected as a member of the board of directors during a general meeting that will take place on March 20.
According to Gerlach, the bank is “convinced that digital assets will become a legitimate, sustainable asset class of an investor’s portfolio.”
Former UBS bankers launched the crypto banking startup. Last year in September managed to raise 100 million Swiss francs which are equivalent to $104 million through VC funding. The bank will provide traditional banking services to companies operating in the cryptocurrency industry on top of crypto trading, custody services and asset management for institutions that find crypto attractive.