Switzerland-based private banking and wealth management group Julius Baer has launched a digital assets trading and custodial service, Cointelegraph reports.
The initiative was done in partnership with regulated crypto-specialist Seba Bank, which was granted a securities dealer and banking license by the Swiss Financial Market Supervisory Authority (FINMA) in August 2019. Julius Baer mentioned that its entry into the crypto industry had been conditional upon Seba’s attaining the regulatory green-light for its services.
Moreover, Julius Baer will offer its clients services including secure digital asset custody, cryptocurrency transaction solutions, and consolidated portfolio overviews for both traditional and digital assets. Although the bank will support a select group of major cryptocurrencies ostensibly chosen on the grounds of their liquidity, security, and technical robustness, it has not disclosed which assets will be offered.
On the other hand, Seba offers a range of crypto-focused account services, such as a SEBAwallet app, e-banking services, and SEBA card facilities, with support for five cryptos: Bitcoin, Ether, Stellar, Litecoin, and Ether Classic.
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