In Q1 alone, several financial giants in the global market such as Nasdaq, Fidelity, and ICE have taken steps to fortify their existing infrastructure by supporting various cryptocurrencies. Julius Baer, one of the largest banking institutions in Switzerland, announced that they have also given their clients the option of transacting through cryptocurrencies.
Julius Baer & SEBA
The strategic partnership that Julius Baer had with SEBA Crypto AG (SEBA) raised funds amounting to greater than $103 million in September of last year. SEBA is a bank in Switzerland that is focused on cryptocurrency. In fact, after Fidelity, Nasdaq and ICE, Julius Baer is the fourth conglomerate to make the decision to support the crypto market in 2019. The decision of Julius Baer is a move that could critically increase the level of awareness of people when it comes to crypto assets.
SEBA Chairman Andreas Amschwand believes that Switzerland has the potential and the backing from various authorities in the support for blockchain technology in the country. This aids in maintaining the stability and the sustainability of crypto assets in the country.
In fact, Switzerland is one of the leading nations when it comes to cryptocurrency and blockchain development. The other countries that support crypto assets include Japan, the United States, Singapore, Malta, and South Korea.
The decision of Julius Baer to integrate cryptocurrency services into their banking system means legitimizing crypto assets to both investors of the cryptocurrency and the fiat currency markets. The partnership between Julius Baer and SEBA is very optimistic to both sides. Peter Gerlach of Julius Baer, who will be a member of the SEBA Board of Directors soon, believes that digital assets will become a significant and legitimate part of every investor’s portfolio because crypto assets are legitimate and sustainable.
More Institutional Money About to Enter?
Mati Greenspan, a senior market analyst of eToro, spoke to CCN and said that 2019 marks the year that institutions have begun to seriously consider crypto assets and have decided to participate in the cryptocurrency market.
Greenspan further said that such a commitment coming from large financial institutions marks the inevitable end of the 15-month bearish trend of digital assets. This shows that the major players are beginning to realize that the end of the bear market is approaching. Literally, these institutions are building up infrastructure in order to get themselves ready for the next bull run.