Swiss Startup SEBA raises more than $100 million to launch Crypto Bank

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Swiss Startup SEBA Crypto AG has acquired 100 million Swiss francs (equivalent to $103 million), which it will utilize to open a Crypto bank that offers cryptocurrency services not only firms but also individual investors. Also, it will provide traditional banking services to various crypto startup-firms.

Guido Buehler, Chief Executive of SEBA said, “SEBA wants to reduce the gap between traditional banking and the new world of crypto.” He added, “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.”

SEBA main goal is to offer corporate financing, along with advising on initial coin offerings, and other cryptocurrency and banking services specially provided to corporate clients. The firm is in the process of getting a banking and securities dealer license from the Swiss financial supervision authority, FINMA. As soon as the firm obtains the license, it will legally be able to manage investments of banks and institutional investors.

Around 500+ blockchain and cryptocurrency startups are functional in Zug and Zurich. However, as the industry is expanding, the firm has faced a lot of troubles incorporating into the country's traditional financial hub.

Also Read: Veem raises $25 million from Goldman Sachs and Google Ventures

Reuters reveals that in spite of having constant support from cryptocurrency groups, banks in the region have stopped to offer required banking services to support growth of a developing country. The reason given by the banks about their lack of support largely revolve around the due diligence checks amid cryptocurrency startups fundraising and doubtful projections for the long-term viability of the developing market.

Thus, Cryptocurrency groups have faced difficulty getting access to the banking services.

“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,” said Amschwand who is also the CEO of SEBA.

He added, “This makes Switzerland the ideal place to launch a new financial services paradigm.”

Also Read: Crypto Mining Malware increases by 86% in Q2 reports McAfee Labs

Apart from offering digital services, SEBA plans to start branch locations in major financial hubs across Switzerland, starting from Zurich in 2019. The latest project has obtained funding from Swiss Based Black River Asset Management and Hong-Kong based Summer Capital, including various other supporters from Switzerland, Singapore, Malaysia, China, and Hong Kong.

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