Julius Baer, a 132-year-old Swiss asset management company, will provide wealthy clients with exposure to cryptocurrencies and decentralized finance (DeFi).
The company’s CEO, Philipp Rickenbacher, confirmed the move to the cryptocurrency space during the delivery of the company’s strategic updates over the next three years.
Rickenbacker said the recent downturn in the cryptocurrency market marked a watershed moment for clients to gain exposure to early asset classes.
“It may be this moment that we are witnessing the moment when the crypto industry bubble burst. Everyone knows what happened after the dot-com bubble burst 30 years ago. , Paving the way for the emergence of new sectors that have actually changed our lives. “
Rickenbacker points out that cryptocurrencies and DeFi have the same potential as the dot-com bubble that created the Internet and the various core services we know and use today, with two sectors. Showed similarities.
“It’s important that they transform the financial sector over the next decade and build a strong foothold in this area, which is the perfect time to invest in the long-term potential of digital asset technology.”
The CEO is a cryptocurrency exchange that accelerates regulations and creates a place to compete with the traditional financial world, as well as the work that various central banks are doing to create the Central Bank’s Digital Currency (CBDC). Emphasized the popularity of.
Rickenbacker was particularly crazy about the possibilities of the DeFi sector. This has been the focus of attention for the past few weeks given the devastating collapse of the Terra ecosystem.
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Julius Baer, CEO, believes that untouched innovation is in conflict with the reality of regulation in this area. Some critics haven’t sold about the potential of DeFi, but Rickenbacker believes this space will have a significant impact on the future of finance.
“On the other hand, the traditional costly and complex parts of the old banking system are also nowadays rewritten with a few lines of code. As technology and traditional finance finally converge, our value. There is great potential to really transform the chain. “
The company will begin to provide clients with advice and research on cryptocurrency spaces while providing access to the space by integrating cryptocurrencies into its wealth management services.
Julius Baer will also partner with crypto service providers and entrepreneurs at the intersection of Fiat and Crypto, while ensuring client regulatory compliance.