Julius Baer – the Switzerland-based asset management entity that has been running for over 132 years – is reportedly planning to roll out crypto and DeFi features, catering to its high net-worth customers. 

Specifically, the current Head of the company Philipp Rickenbacher reportedly provided the confirmation regarding his firm’s newly set footprints across the crypto sphere, during his presentation for the Julius Baer’s strategy update for the upcoming three years.

Rickenbacher reportedly stated that the recent fall throughout the cryptocurrency markets served as a turning point for its custmers to gain exposure to the nascent asset class.

“It could well be at this very instant that we are witnessing a bubble-burst moment of the crypto-industry and we all know what happened after the dot-com bubble burst 30 years ago. It paved the way for the emergence of a new sector that indeed transformed our lives.”

Rickenbacher mentioned the parallel features of the two industries, further revealing that crypto and DeFi carry the similar potential as the Dot Com bubble, which led to the creation of the internet and numerous crucial services that we know and are using.

“They will transform the financial sector over the next ten years and it is important for us to gain a strong foothold in this area. That’s why it’s exactly the right moment to invest in the long-term potential of digital asset technology.”

The CEO further emphasized the work currently being carried out by several central banks to form central bank digital currencies (CBDCs), together with the popularity of cryptocurrency exchanges fast-tracking regulation and led to the birth of a playing field with the world of traditional finance.

The Julius Baer CEO shared a belief that the industry has witnessed untamed innovation clashing with regulatory reality. While a few critics are not entirely onboard with the potential of DeFi, per Rickenbacher, the sector will place a significant effect on the future of finance.