Swiss Startup Raises $103 Million to Launch Cryptocurrency Bank

Swiss startup SEBA Crypto AG has raised $103 million to construct a financial institution providing crypto-related companies.

Switzerland-based startup SEBA Crypto AG has raised 100 million Swiss francs ($103 million) to arrange a financial institution providing cryptocurrency-related companies, Reuters reported September 26.

SEBA is reportedly headed by former UBS bankers — Guido Buehler as chief government and Andreas Amschwand as chairman — and plans to use for a banking and securities vendor license from Swiss monetary market regulator FINMA. A license would permit the agency to conduct crypto trading and investments enterprise for different banks and certified buyers.

Buehler instructed Reuters that SEBA goals to turn out to be a bridge between conventional banking and the cryptocurrency business. The startup additionally intends to supply company financing, together with consultations on Initial Coin Offerings (ICOs) and different digital asset-related companies to company shoppers. Amschwand commented on the venture:

“In Switzerland we have now dedication from varied authorities to determine a complete regulatory surroundings for the event of blockchain know-how and the sustainable, secure progress of crypto property.”

SEBA is purportedly planning to broaden its operations into main monetary hubs, beginning with Zurich in 2019. Investors who financed SEBA embrace such companies as BlackRiver Asset Management and Hong Kong-based Summer Capital, together with different events from Switzerland, Singapore, Malaysia, China and Hong Kong.

Earlier this month, the Swiss Bankers Association (SBA) issued fundamental pointers for banks working with blockchain startups as a way to stop a mass crypto exodus from Switzerland resulting from regulatory arbitrage.  

Per the scheme supplied by SBA, blockchain companies with out Initial Coin Offerings (ICOs) ought to be handled like different small- and medium-sized firms. Firms with ICOs should observe strict guidelines and fall beneath the purview of Swiss anti-money laundering (AML) and know-your-customer (KYC) legal guidelines.

In August, the Maerki Baumann personal financial institution started accepting crypto property from cost obtained for companies rendered, in addition to these earned from crypto mining. Maerki Baumann famous that they aren’t prepared to supply direct cryptocurrency investments, however will present “consultants” to shoppers fascinated about crypto investing.

In June, Hypothekarbank Lenzburg turned the primary financial institution in Switzerland to supply enterprise accounts to blockchain and crypto-related fintech firms. However, the financial institution is reportedly very selective in accepting new clients, and as of June had taken on solely two firms from the crypto business.

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