To build a bank that offers cryptocurrency services to individuals and institutions, Swiss startup SEBA Crypto AG has raised 100 million Swiss francs (~$103 million) to launch a bank specializing in offering cryptocurrency services to companies and investors.
The startup intends to provide corporate financing, including consultations on Initial Coin Offerings (ICOs) and other digital asset-related services to corporate clients.
SEBA aims to become a bridge between traditional banking and the cryptocurrency industry said Guido Buehler former UBS manager, now acting as chief executive of SEBA. “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.”
Headed by former UBS managers Guido Buehler as chief executive and Andreas Amschwand as chairman, the group said on Thursday it is seeking a banking and securities dealer license to manage cryptocurrency trading and investments for banks and qualified investors.
The Zug-based group is seeking a license from Swiss financial market supervisor FINMA. FINMA confirmed that it is in contact with SEBA on the matter.
Reuters reports that despite promising support to cryptocurrency groups, banks in the region have hesitated to provide necessary banking services to support growth in the developing industry.
Traditional Swiss banks have made promising noises about blockchain technology, but have been hesitant about integrating cryptocurrency, and cryptocurrency groups have found it difficult to get access to traditional banking services.