According to Bloomberg, Switzerland’s wealth manager Julius Baer, one of the country’s oldest banks, has begun giving advice, trading, and investing in crypto assets, including Bitcoin and other cryptocurrencies.
Several trial projects have been started by the Zurich-based corporation, which is allowing its wealthy clients to try and buy in or trade crypto. As the dot-com bubble burst 30 years ago, Philipp Rickenbacher, the company’s CEO, feels that the present instability in the cryptocurrency market may be a turning moment.
He said that, after it, a new industry arose, one that had a profound impact on humankind’s way of life. Crypto and DeFi enterprises, he says, have the same promise as Internet companies had in the late 1990s, and this might happen again.
In contrast to Baer, a Zurich-based financial company, UBS Group AG, one of the world’s leading wealth management organisations, does not invest in digital assets.
According to its CEO Ralph Hamers, the bank’s clients are not interested in the “speculative asset class” and the firm does not advise on speculation. The bank’s chief investment officer says that crypto has not worked as an inflation hedge or a strategy to diversify one’s portfolio.
In addition to its present crypto offerings, Julius Bär has invested in SEBA Crypto AG, one of Switzerland’s only two fully regulated crypto banks.
Baer intends to set up its own crypto/DLT/DeFi research facility
Customers that are interested in cryptocurrencies, blockchain, or decentralised finance (DeFi) solutions will be able to access the company’s own research. Token booking and compliance would be the main focus of these projects.
An Oldest Swiss Banking Corporation Has Become the First to Offer Cryptocurrency Investment to Its Wealthy Customers.
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