Julius Baer -a Swiss bank, began working with the cryptocurrency startup SEBA Crypto AG and will use its platform to provide its customers with services related to storage, transfers and investments in digital assets in 2019.
The contract will enter into force immediately after the SEBA obtains the permission of the financial regulator to carry out banking activities and trade with the Central Bank. The startup filed a relevant application in June 2018 and intends to start providing crypto-banking services from the second quarter of this year.
Despite the fact that last fall, SEBA raised $ 104 million in venture capital to open a regulated cryptocurrencies bank, an additional ICO is planned for the third quarter of 2019. Julius Baer also previously invested in the project, but the amount of the deposit was not disclosed.
The purpose of the startup is to provide traditional banking services using cryptocurrency, as well as the sale and management of digital assets. Julius Baer believes in the long-term success of virtual currencies as a legitimate asset class.