Disorganized traditional economy Little by little, the financial sector is being led to position itself on cryptocurrencies. There are those who approve them and who announce it to their shareholders, like the giant BlackRock. There are others who will apparently refuse to participate in this “casino”. That Swissfamous for its the banking sector, is thus in the picture of the rest of the world: divided on the subject. The established banks refuse to expose their customers to their assets, which are considered too much “speculative”when others take the crypto tour with them enthusiasm. Let’s go to Zurich, on the banks of the same name, to discover the group Julius Bær which belongs to the second category!
Swiss Wealth Manager switches to cryptocurrency
A few figures about the Julius Baer group before we get to the heart of the matter. It is a asset manager based in Zurich for 135 years and present in 25 countries. He has – according to his figures – more than 400 billion euros in assets under leadership. In addition, it is ranked in the world’s Top 15 private banks. At the forefront is pt Philip Rickenbacher.
Over the course of last week, he made a presentation of the bank’s strategies to investors. That cryptocurrencies was the core of the concerns. The CEO recalled that the bank had already taken a stake in SEBA Crypto AG in 2019. It was in fact already “convinced” that digital assets would come into being “a sustainable and legitimate asset class in an investor’s portfolio”. For information, SEBA Crypto is one of the two crypto platforms regulated in Switzerland.
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Bitcoin and cryptocurrencies divide the banking sector
Philipp Rickenbacher therefore announced that his group wanted to place themselves at the intersection “digital assets and the fiat world”. To do this, they will therefore develop, for their customers, projects advice, investment and trading around cryptocurrencies. They are even considering in the medium term a crypto wallet and projects around blockchain. There is even talk of exploring Challenge.
To justify this acceleration in the strategy, the CEO talks about“a crucial moment for the sector »:
“Right now, we may be witnessing the bursting of the cryptocurrency industry’s bubble. And we all know what happened after the dot.com bubble burst 30 years ago. This paved the way for the emergence of a new sector, which has really transformed our lives. I believe digital assets and decentralized economy 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 hamerssaid last year that his company “would not offer its customers the opportunity to invest or trade in cryptocurrencies as these are untested and speculative assets” and that they “do not advise speculation”. In this he joins JP Morgan Chase which in turn is waiting for a development of the regulation to begin.
In the financial and banking sector there are currently 2 rooms, 2 atmospheres. On the one hand, we decided to ride the cryptocurrency and embrace the future of money joy and good mood. On the other hand, we postpone and cast shame on an entire sector “protect” consumers and especially its pre square. We have, of course, made our choices. And you?
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