SEBA Crypto AG, a Switzerland-based startup has raised 100 million Swiss francs ($103 million) to set up a bank offering cryptocurrency-related services, Reuters reported on September 26.
SEBA is headed by former UBS investors — Guido Buehler as CEO and Andreas Amschwand as director — and plans to apply for a securities dealer licence and banking from Swiss financial market regulator FINMA. A permit would enable the firm to conduct crypto exchanging and investments business for different banks and qualified investors.
Buehler disclosed to Reuters that SEBA expects to wind up an extension between traditional banking and the crypto industry. The startup also plans to give corporate financing, including conferences on Initial Coin Offerings (ICOs) and other digital assets related services to corporate clients. Amschwand commented on the project:
“In Switzerland, we have a 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 intending to extend its tasks into major financial hubs, beginning with Zurich in 2019. Investors who financed SEBA incorporate such firms as BlackRiver Asset Management and Hong Kong-based Summer Capital, alongside different parties from Switzerland, Singapore, Malaysia, China and Hong Kong.
Prior this month, the Swiss Bankers Association (SBA) issued fundamental rules for banks working with blockchain startup in order to prevent a mass crypto migration from Switzerland because of administrative arbitrage.
As per the plan given by SBA, blockchain firms without Initial Coin Offerings (ICOs) ought to be dealt with other little and medium-sized organizations. Firms with ICOs must take after strict guidelines and fall under the domain of Swiss anti-money laundering (AML) and know-your-client (KYC) laws.
In June, Hypothekarbank Lenzburg turned into the first bank in Switzerland to give business accounts to blockchain and crypto-related fintech organizations. In any case, the bank is exceptionally particular in accepting new clients, and as of June, had gone up against just two organizations from the crypto business.