This Swiss asset manager confirms its stance on cryptocurrencies – TradFi is shaken

Traditional disorganized finance – Gradually, the financial sector is led to position itself on cryptocurrencies. There are those who approve them and those who announce it to their shareholders, like the giant BlackRock. There are others who will apparently refuse to take part in this “casino”. The Swissfamous for his banking sector, is therefore in the image of the rest of the world: divided on the subject. Incumbent banks refuse to expose their customers to their activities deemed excessive “speculative”when others take turns with cryptocurrencies enthusiasm. Let’s go to Zurich, on the shores of the lake of the same name, to discover the group Giulio Baer which belongs to the second category!

Swiss Wealth Manager switches to cryptocurrency

A few figures on the Julius Baer group before getting to the heart of the matter. He’s a asset manager based in Zurich for 135 years and present in 25 countries. It has – according to its figures – more than 400 billion euros of assets under management. In addition, it is ranked among the top 15 private banks in the world. At its head is currently Philip Rickenbacher.

Over the past week he presented the bank’s strategies for investors. The cryptocurrencies they were at the center of concerns. The CEO recalled that the bank had already acquired a stake in SEBA Crypto AG in 2019. already “convinced” that digital assets would become “a sustainable and legitimate asset class in an investor’s portfolio”. For information, SEBA Crypto is one of the two regulated crypto platforms in Switzerland.

Julius Baer Group is enthusiastically transitioning to cryptocurrency

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Bitcoin and cryptocurrencies are dividing the banking sector

Philipp Rickenbacher then announced that his group wanted to position themselves at the intersection “Digital resources and the fiat world”. To do this, they will then develop, for their customers, projects consultancy, investments and exchanges cryptocurrencies. They are also considering a crypto wallet and projects around the medium term blockchain. There is even talk of exploring the Challenge.

To justify this acceleration of the strategy, the CEO speaks“A decisive moment for the sector »:

“Right now we could see the cryptocurrency industry bubble bursting. And we all know what happened after the bubble burst 30 years ago. This paved the way for the emergence of a new industry, which has truly transformed our lives. I think digital assets and decentralized finance have the same potential. “

These words contrast with the official position of other prestigious establishments such as UBS – the first private bank in the world. Far from being so positive, its CEO, ralph hamershe said last year that his company “It would not offer its clients the opportunity to invest or trade in cryptocurrencies, as these are untested and speculative assets” and that them “do not recommend speculation”. In this he joins JP Morgan Chase which awaits, for its part, the start of an evolution of the legislation.

In the financial and banking sector there are currently 2 rooms, 2 environments. On the one hand, we have decided to ride the cryptocurrency wave and embrace the future of money joy and good mood. On the other hand, we procrastinate and shame an entire industry ” to protect “ consumers and especially its pre square. We obviously made our choice. And she ?

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