Swiss startup SEBA seeks banking and securities dealer license
To build a bank that offers cryptocurrency services to individuals and institutions, Swiss startup SEBA Crypto AG has raised 100 million Swiss francs, according to a Reuters report. They have also extended traditional banking services to firms in the new industry.
The startup is headed by former UBS managers Guido Buehler as Chief Executive and Andreas Amschwand as chairman.
To look into cryptocurrency trading and investments for banks and qualified investors, the firm is seeking a banking and securities dealer license.
The startup aims to provide corporate financing that includes advice on ICOs and other cryptocurrency services to traditional corporate clients and certain cryptocurrency communities.
“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,” said Buehler.
Since the Swiss Financial Market Supervisory Authority (FINMA) is on contract with SEBA, the Swiss firm requires a license from them to carry on with the proceedings.
Zug and Zurich together constitute more than 500 blockchain and cryptocurrency startups. Since the growth of the crypto industry, it has been difficult for these startups to integrate into the country’s traditional financial hub.
As the cryptocurrency and blockchain industry in Switzerland hardly go through repeated checks, banks have been hesitant to commingle with them.
Due to this reason, cryptocurrency communities and groups have found it all the more difficult to gain access to any kind of banking service.
“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. This makes Switzerland the ideal place to launch a new financial services paradigm,” said Amschwand.
SEBA’s investors include Swiss-based BlackRiver Asset Management and Hong Kong-based Summer Capital.
SEBA is also keen on opening branch locations in vital financial hubs, starting with Zurich in 2019.
Image via Shutterstock
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