SEBA — a Swiss startup launched by former UBS bankers — today announced in a press release that it had secured CHF 100 million to build a regulated bank that would “bridge the gap between the crypto and traditional financial economies.”
The startup is based out of Zug — the so-called Crypto Valley — and the investments have been reportedly received from both domestic and foreign private and institutional investors, including Summer Capital and BlackRiver Asset Management.
The purpose of the initiative is to provide traditional banking services to companies in the crypto industry and cryptocurrency trading, custody and asset management services to institutions considering moving into the new industry.
SEBA is currently applying to obtain banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA) to be able to start offering the planned services.
Reuters has reported that the FINMA has confirmed that the licensing process is already underway. If SEBA obtains the license, it will launch both physical and online services for both cryptocurrency and FIAT.
Andreas Amschwand — the SEBA chairman — has pointed out that:
“In Switzerland, we have the commitment from various authorities to establish a comprehensive regulatory environment for the development of blockchain technology and the sustainable, stable growth of crypto assets.
This makes Switzerland the ideal place to launch a new financial services paradigm.”