The first Swiss private banking group launches a cryptocurrency custody and negotiation service

The first Swiss private banking group launches a cryptocurrency custody and negotiation service

By Roberto D. | CryptoFarm | 28 Jan 2020


Julius Baer, ​​the first Swiss banking group in the field of wealth management (deals exclusively with private banking and managed savings for private and institutional customers) with a portfolio of 320 billion Swiss francs, has launched a cryptocurrency trading and custody service in partnership with Seba.

The announcement was made on January 21 and the launch of the new services, as mentioned, is the result of a close strategic partnership with Seba Bank AG, a startup active in the cryptographic industry, in February 2019.

Just the fact that Seba recently received the green light from the Swiss institutions to operate legally in the country has allowed the launch of these two new services by Julius Baer, ​​who sees in the cryptocurrency market a growing interest and which, therefore, has deemed necessary to complete its offer by introducing these two new services.

The cryptocurrencies supported by the new platform will be chosen based on their capitalization, security and technical robustness, so we can be sure that among the various coins included there will be BTC and ETH as a minimum.

As for Seba, which offers a wide range of cryptocurrency-oriented services, it currently offers support, in addition to the three aforementioned coins, also to Stellar (XLM), Litecoin (LTC) and Ether Classic (ETC); we can therefore speculate that these three coins will also be included in Julius Baer's offer.

 


All this shows that at this moment the growth of the crypto market is mainly driven by the rising interest of institutional investors; precisely the inflow of liquidity by these entities has long been considered by analysts as one of the crucial factors for the growth of the crypto market and one of the preconditions that will allow bitcoin to reach a new historical high.

It remains to be said that developers will still have to work a lot to encourage a full adoption of cryptocurrencies as means of payment, especially as regards usability; in my opinion, it is not the lack of trust that is slowing down the spread of crypto, which is probably the least of the problems at the moment (and the interest of institutional investors is there to prove it) but the difficulty of using it for those users who do not have even the slightest smattering in the IT field.

When the developers manage to lay the foundations for cryptocurrencies to be usable by anyone in absolute safety then we will see what is commonly called "bitcoinization" or mass membership in bitcoin as a currency.

 

 


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Roberto D.
Roberto D.

Born, and still living, in Italy. Passionate about cryptocurrencies since I discovered ethereum in 2016 Telegram channel: https://t.me/freewaystoearn


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