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Swiss Startup SEBA Gets $103 Million to Create Cryptocurrency Bank

 

Switzerland-based startup SEBA Crypto AG has increased 100 million Swiss francs ($103 million) to set up a bank offering cryptocurrency-related services, Reuters reported September 26.

SEBA is reportedly led 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 company to conduct crypto trading and investments business for some other banks and qualified investors.

Buehler told Reuters that SEBA aims to become a bridge between traditional banking as well as the cryptocurrency industry. The startup also intends to supply corporate financing, such as consultations on Initial Coin Offerings (ICOs) and other digital asset-related solutions to corporate clients. Amschwand commented about the project:

"In Switzerland we have a commitment from various authorities to set up a comprehensive regulatory environment for the development of blockchain technology and the sustainable, stable growth of crypto assets."

SEBA is likely to expand its operations into financial hubs, starting with Zurich in 2019. Investors that financed SEBA include such companies as BlackRiver Asset Management and Hong Kong-based Summer Capital, Together with other parties out of Switzerland, Singapore, Malaysia, China and Hong Kong.

Before this month, the Swiss Bankers Association (SBA) issued basic guidelines for banks working with blockchain startups so as to prevent a mass crypto exodus from Switzerland because of regulatory arbitrage.

Per the scheme provided by SBA, blockchain firms without First Coin Offerings (ICOs) ought to be treated just like other little - and midsize companies. Businesses with ICOs must follow strict principles and fall under the purview of Swiss anti-money laundering (AML) and know-your-customer (KYC) laws.

In August, the Maerki Baumann private bank started accepting crypto funds from payment received for services, as well as from crypto mining. Maerki Baumann noted that they're not prepared to provide direct cryptocurrency investments, but provides"experts" to customers considering crypto investing.

In June, Hypothekarbank Lenzburg became the first lender in Switzerland to provide company accounts to blockchain and crypto-related fintech companies. On the other hand, the bank as of June had taken on two companies from the crypto industry, and is allegedly very selective in accepting new customers.