SEBA Crypto AG (SEBA), a Swiss startup has raised $103 million (100 million Swiss francs) to build a crypto bank. The company was in talks with Swiss financial regulators since April. The startup, headed by Ex UBS managers Guido Buehler and Andreas Amschwan, said that company is trying to get a banking and securities dealer license to run cryptocurrency trading and investments for institutions, corporates, and individuals, reported Reuters.
SEBA Crypto AG also wants to give corporate financing and advising on initial coin offerings, and other cryptocurrency and banking services to traditional corporate clients and cryptocurrency groups. Chairman of SEBA Andreas Amschwand, who previously worked as a UBS Global Head of Foreign Exchange and Money Market said that he is excited to be part of a team of experts helping to guide about the crypto economy.
He commented
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. This makes Switzerland the ideal place to launch a new financial services paradigm. I’m excited to be part of a team of experts helping to usher in the crypto economy.
According to its press release, standard and regular financial market contributors generally removes themselves from crypto markets. They think that crypto investments are risky and they lack investment specific regulatory protection. Likewise, cryptocurrency organizations and investors are having difficulties in moving assets from the crypto markets into the standard regulated banking world.
SEBA Crypto AG wants to solve these challenges. The company is trying to gather a Swiss-based team of global experts who are focused on getting a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA) and creating a new secure and regulated platform.
Guido Bühler, CEO of SEBA said that
A fundamental aspect of our mission is education, we want to promote the potential blockchain holds for global economic reform and financial inclusion. 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.
About FINMA
The Swiss Financial Market Supervisory Authority (FINMA) is the Swiss government body who is responsible for financial regulation and licenses. It monitors banks, insurance companies, stock exchanges, and securities dealers and other financial organizations in Switzerland. It reports directly to the Swiss parliament.
SEBA Crypto AG has raised CHF100 million investment. It came from various local and global organizations and private investors. Guy Schwarzenbach, CEO at BlackRiver Asset Management AG, investor and designated Board Member of SEBA said:
SEBA is an extremely promising start-up with an ambitious mission. The investment in SEBA is predicated on deep analysis of the velocity of the cryptographic asset market – if adoption, use and utility continue to gain traction at the same rate; crypto will become a legitimate, sound asset class and therefore hold a requisite allocation in investors’ portfolios.
The company’s aim is to bring crypto and blockchain products and services to the market by giving fully regulated and an easy-to-use banking solution. SEBA will also integrate an online and a retail world to give robust crypto and traditional banking services.
Jack Chung, Managing Director of Summer Capital, a SEBA investor, said
We see our investment in SEBA as leveraging the known ties between Switzerland and Asia, marrying the deep heritage in financial services and security standards of Switzerland, with the impressive growth and innovation that is powering Asia.
Cryptocurrency and blockchain world is full of opportunities and potential. Bitwala, a global blockchain-based payment service provider based in Berlin, Germany is also launching its blockchain banking after raising €4 million from Earlybird and coparion. Bitwala is backed by various investors such as N26, ShapeShift, and EyeEm. They have joined Bitwala’s family of investors with High-Tech Gründerfonds (HTGF), Digital Currency Group (DCG), and ALSTIN.
Bitwala was founded by Jörg von Minckwitz, Jan Goslicki, and Benjamin P. Jones in October 2015. This German startup uses cryptocurrency to provide a much faster and cheaper solution. Von Minckwitz, Goslicki, and Jones are longtime business partners. They have founded other blockchain businesses before Bitwala such as All4btc.com and Transistor Coworking. The transistor is Germany’s largest fintech coworking space. Bitwala wants to create a fully compliant, secure and data protected crypto company that allows clients to utilize crypto on a daily basis without worrying about security, compliance or tax problems.
Follow us on Twitter, Facebook, Steemit, and join our Telegram channel for the latest blockchain and cryptocurrency news.
