Swiss Startup Raises $103 Million to Launch Cryptocurrency Bank
Switzerland-based startup SEBA Crypto AG has raised 100 million Swiss francs ($103 million) to set up a bank offering cryptocurrency-related services, Reuters reported September 26.
SEBA is reportedly headed by former UBS bankers — Guido Buehler as chief executive and Andreas Amschwand as chairman — and plans to apply for a banking and securities dealer license from Swiss financial market regulator FINMA. A license would allow the firm to conduct crypto trading and investments business for other banks and qualified investors.
Buehler told Reuters that SEBA aims to become a bridge between traditional banking and the cryptocurrency industry. The startup also intends to provide corporate financing, including consultations on Initial Coin Offerings (ICOs) and other digital asset-related services to corporate clients. Amschwand commented on the project:
“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.”
SEBA is purportedly planning to expand its operations into major financial hubs, starting with Zurich in 2019. Investors who financed SEBA include such firms as BlackRiver Asset Management and Hong Kong-based Summer Capital, along with other parties from Switzerland, Singapore, Malaysia, China and Hong Kong.