Switzerland based cryptocurrency startup, SEBA Crypto AG, has secured a funding of 100 million Swiss francs ($103 million). This funding will help them create a bank offering cryptocurrency services. Furthermore, cryptocurrency investors and financial institutions will be getting these services. Moreover, the bank would continue to function as a tradition bank.
The bank will also target the market of corporate financing. Furthermore, the company would provide cryptocurrency and banking services to enterprises clients and cryptocurrency traders and investors. It would also advise these groups on cryptocurrency related work, like initial coin offerings (ICOs).
More about SEBA
The cryptocurrency bank would have Andreas Amschwand as its Chairman. Andreas recently being the Board of Directors at the Julius Baer Bank Co. Ltd. Furthermore, the bank will have Guido Buehler, former UBS Manager, as its Chief Executive.
Buehler, the CEO of the bank stated this. “SEBA wants to bridge the gap between traditional banking and the new world of crypto. With safety, transparency and performance as core values, our ambition is to become a market leader in the convergence of traditional finance with the crypto economy.”
Furthermore, the Chairman, Amschwand said, “In Switzerland we have commitment from various authorities to establish a comprehensive regulatory environment for the development of blockchain technology and the sustainable, stable growth of crypto assets.”
The group has filed application for a license from FINMA. FINMA, the Swedish Financial Market Regulator, confirmed that it is in touch with SEBA about their application.
Most notably, the company is based in Zug. Furthermore, the place, along with Zurich, has become a hub for blockchain and cryptocurrency related companies, counting over 500.
Cryptocurrency groups have always faced a problem of mingling in with the traditional financial market and its work flow. But, the technology behind blockchain opens a lot of opportunities.
Amschwand, further commented that, “This makes Switzerland the ideal place to launch a new financial services paradigm.”
Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.