The Swiss-based startup SEBA Crypto AG, founded by ex-UBS employees, raised $104 million (100 million Swiss francs) to create an adjustable crypto investment bank. This is reported in the company's official press release.
SEBA plans to apply for a traditional banking license like regular banks and trading in securities and expects to receive it by mid-2019. Swiss financial regulator FINMA is already in talks with SEBA but has not yet received a formal application from the company.
“In Switzerland, we have commitment from various authorities to establish a comprehensive regulatory environment for the development of blockchain technology and the sustainable, stable growth of crypto assets,” Andreas Amschwand, designated Chairman of SEBA and formerly UBS Global Head of Foreign Exchange and Money Market said.
BlackRiver Asset Management and Summer Capital took part in the round of financing. With the proceeds, SEBA will develop traditional banking services for crypto companies and bitcoin exchanges.
WHY IS IT IMPORTANT?
- The SEBA project is located in Canton Zug, which is known for its loyal attitude towards the blockchain and crypto companies. The region even carries the name of Crypto Valley. The canton authorities promised that companies working with digital assets can count on full banking services. Also, Crypto Valley is trying to form an understandable and adequate legal framework for blockchain and crypto companies.
- According to the idea of the project's creators, SEBA will become a link between the traditional banking and crypto sectors. The startup also intends to provide corporate financing, including advice on ICO, as well as other digital asset-oriented services.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.