Julius Baer Group, a Swiss private bank with over $110 billion in assets under management (AUM) as of 2021, has announced that it will provide digital asset services to high-end clients. To test token booking, trading, and compliance, a pilot program has been set up. By initially providing relevant advice and analysis to its targeted clients, the company will integrate cryptocurrency into its wealth management services.
The bank’s CEO Philipp Rickenbacher linked the current instability in the crypto market to the dot-com bubble implosion in the early 2000s in a presentation detailing the bank’s future plan to investors. In light of the business use of the Internet rapidly taking off in the aftermath of the explosion, the CEO described a similar route for bitcoin innovation.
Rickenbacher stated in the strategy plan for the cycle 2023-2025 that the firm will maintain a close eye on the rise of digital assets and study what prospects the industry may bring. The CEO indicated that the company would enter the DeFi area as well, as it sought to position itself as the confluence of “digital assets and the fiat world.”
Rickenbacher is optimistic about DeFi, claiming that it has the ability to disrupt the “conventional cost-heavy and difficult components of the old banking system.”
SEBA Crypto AG
Julius Baer already partnered with SEBA Crypto AG in Switzerland to provide digital asset services to its clients in 2019. According to the press release, Baer believes bitcoin and other cryptocurrencies will become a respectable asset class for investors’ portfolios.
Baer stated at the time that this agreement would broaden its service offerings to include digital asset storage, transaction, and investment options.
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