Incoming Q4 Bitcoin Bull Run? [Cryptocurrency News & Motivation]

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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.

The Biggest Crypto Heists

Hacked Crypto Exchange Bithumb Made $35 Million Profit in First Half 2018

Hacked Crypto Exchange Bithumb Made $35 Million Profit in First Half 2018

Bithumb Made $35 Million Before Being Hacked

South Korean cryptocurrency trade Bithumb made net gains of 39.34 billion won or about $35 million from the first half of the season, despite a demanding June for the company.

Vidente, a movie gear manufacturer that possesses 10.55 percentage of Bithumb and 10% of its holding company, disclosed the fiscal information to some South Korean financial regulator on Thursday, according to local news bureau Yonhap.

Before deductions, the figures say, Bithumb gathered a total of $270 million in earnings within the first six months of 2018, with $194 million in operating earnings.

While the information for the identical period last year isn't accessible, Yonhap said Bithumb made $380 million in net gains in 2017 alone, over 10 times its half-year earnings up to now.

It has been a rugged summer for Bithumb up to now. The stage endured a major violation in June that saw roughly $31 million in cryptocurrencies stolen -- although it afterwards promised to get clawed back $14 million. It is not clear if this event has influenced the revealed first-half amounts significantly or when the prices will be pushed into another accounting period.

A study into possible tax evasion found in January also saw that the firm get a hefty bill of about $28 million since it reasoned, in addition in June -- but no wrongdoing was discovered.

Data from CoinMarketCap suggests the 24-hour trading volume on Bithumb, when the world's biggest cryptocurrency market, has obtained a considerable dip this past year.

For example, on Jan. 2, Bithumb has been the planet's third-largest trading place using $2.5 billion in 24-hour trading quantity. It's dropped into the 19th, with approximately $71.7 million changing hands before the trading day.

CoinDesk additionally reported early this month the 24-hour trading volume on Bithumb dropped by 40 percent from $350 million to $250 million over a week after it suspended the launching of new client accounts because of a banking limitation -- a problem also linked to the hack.

In similar news, Dunamu, the applications developer that owns the Upbit market, has also only revealed its latest fiscal information. According to the report, Upbit gained $97 million in gain during the first half of 2018.

Blockchain Used As Tool In Food Security

New york city: The food industry is looking at the same technology employed by virtual currencies to strengthen food safety and inventory management by monitoring meats and crops from farm to table.

Operating with IBM, retail large Wal-Mart Stores is examining the technology system on mangos in the Unified States and pork in China.

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