The Switzerland-based asset management company, Julius Baer (which has been working for 132 years), has plans to provide DeFi (decentralized finance) and crypto exposure to high net-worth consumers. Philipp Rickenbacher, the CEO of the company, while announcing the strategy update of the platform for the coming 3 years, confirmed that the venue has entered the crypto world.
It was noted by Rickenbacher that the latest crash experienced in the crypto markets posed a turning point for the customers thereof to obtain exposure to the burgeoning asset class. He added that the present time is that of a bubble burst in the crypto industry and, just like the bubble burst of dot-com (which occurred 30 years ago), there are chances for a unique sector’s emergence that would surely bring a revolution to the lives of people.
Rickenbacher mentioned the similarities between the two paradigms, stating that the DeFi and cryptocurrencies hold similar capabilities like the Dot Com bubble (the thing that originated the internet as well as several other chief services that are, at the present, known to the people and they utilize them. In his words, both sectors will renovate the entire sector just in the coming 10 years and this thing is very significant for them to attain a resilient position in their respective zone.
In this way, he disclosed, the time is the most suitable to capitalize on the technology of digital assets for the long term. The CEO pointed out that work being performed on the behalf of several central banks for the development of CBDCs (central bank digital currencies), with the substantial increase being witnessed in the regulatory endeavors due to the growing fame of cryptocurrency, is making several changes within the space of traditional finance.
Rickenbacher was specifically fascinated with the capability possessed by the DeFi world which, during the previous weeks, has been taken under the radar of the Terra ecosystem’s disastrous crash. The CEO of Julius Baer is of the view that this space has witnessed undomesticated innovation clash with that of the regulatory reality.
Whereas some are not convinced about DeFi’s potential, however, Rickenbacher asserts that finance’s future will thoroughly be influenced by this space. The venue will start offering research and advice regarding crypto space to the consumers whereas allowing them to enter the space through the integration of crypto into the offerings thereof related to wealth management.
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