Swiss Financial Services Company Raises $100 Million to Launch Crypto Bank

Crypto News | Latest News

A financial services company based in Zug, Switzerland has raised roughly $104 million (100 million CHF) from investors as it looks to create a bank to lets consumers trade fiat for digital currency.

According to Bloomberg, Seba Crypto AG raised the cash from a mixture of private and institutional investors.

One of the people behind the venture said the company has been speaking with the Swiss financial authority known as Finna about submitting an application for a license by the end of October.

FREE CRYPTO COIN JUNKY HANDBOOK - 147 page guide covering Crypto Fundamentals, Beginners/Advanced Crypto Trading Strategies, Crypto Mining Techniques, ICO Investment strategies, and so much more.

CRYPTO TRADING STRATEGY GUIDES - Whether You're Day Trading, Swing Trading, Or Just Investing...Our Extensive Guides Will Get You To Where You Want To Be.

Hopes right now are to have a license secured by mid-2019. The startup is headed by two former UBS managers, Guido Buehler, who serves as CEO, and Andreas Amschwand, who serves as chairman.

Bridging The Gap Between Banking And Crypto

Buehler told Reuters how the goal of the venture is to “bridge the gap between traditional banking and the new world of crypto.”

He noted how Seba would offer a myriad of services, including custody, trading, and virtual currency asset management for private and institutional investors.

Buehler also asserted that Seba, who would be able to offer “bank accounts in fiat and crypto,” would help fill a “critical missing element of the currency ecosystem,” since many banks are not really willing to open accounts for companies involved in the cryptocurrency (or blockchain) spaces.

The vision behind Seba, according to Buehler is to make it possible for people to log onto online banking serves to “have access to crypto and fiat within one account.” Investors in the venture include entitles like Black River Asset Management AG and Summer Capital, who stand alongside a number of local and global backers.

Buehler says some of the funds will go towards actually building the company, while others will be allocated towards capitalizing in order to provide investor protection. Overall, he expects to double the number of company employees by the tail end of 2019, while also eventually expanding out to Singapore and other parts of Europe at an undetermined time.

Switzerland’s Open Minded Stance Towards The Industry

Switzerland has been well-known for their open and approachable stance towards digital currencies and blockchain. Last year, the small European nation ranked second (behind the USA) in money generated from ICOs, according to the Financial Times.

The finance director of the canton of Zug, which has made headlines for being the home of a blockchain-based voting test, said in July that certain regulations would be stripped away at the end of the year. These would essentially let crypto firms work with banks in the same manner a ‘traditional’ company could.

Just a few days ago, an agreement between Switzerland’s Finance Minister and Israeli officials to collaborate on blockchain regulations and other initiatives related to financial technology.

Leave a Comment

Latest Crypto News

Visa Launches Blockchain Payment System

In 2016, Visa made it known that they were making strides into its first B2B blockchain adoption. This was in the wake of institutions and big corporations moving into blockchain adoption and investments. When the

Cryptocurrency Insurance

As cryptocurrency continuously evolves and gets adopted, the question of insuring it has come up. In the last year alone, a few cryptocurrency exchanges have been hacked and millions of dollars lost like Coincheck, Coinrail,

SEC Pursues Fraud Charges against LongFin

Long Fin is a fintech company that was incorporated in February 2017 and got listed on NASDAQ after acquiring cryptocurrency company, Ziddu, which was owned by Meridian Enterprises. When the purchase was made, LongFin’s CEO

Let’s Talk About LawCoin

ConsenSys Ventures had earlier on April 1st released a press release concerning several blockchain start-up projects they intended to back for the year 2019, through their accelerator program Tachyon; which was launched in Berlin at

The Cryptocurrency Wash Trading Problem

On the first of May, CoinMarketCap announced that all the exchanges that will not provide mandatory data by June 2019 will be promptly removed from their calculations. The cryptocurrency data provider stated that the reason

Winklevoss Brothers Settle Lawsuit with Charlie Shrem

Tyler and Cameron Winklevoss have reached a settlement against their fellow Bitcoin entrepreneur Charlie Shrem, where the court, having been informed of the settlement between the parties, under the direction of Judge Jed Rakoff, dismissed

IBM Launches Blockchain Based Payment Using Stellar

Last month, an IBM executive hinted at the company launching a cross border payment system in partnership with Stellar (XLM) coin. Jesse Lund, said that the program would allow payments from anywhere in the world,

Marc Faber Buys Bitcoin for the First Time

Thailand based Swiss Investor, Marc Faber bought his first Bitcoin after admitting that he was very wrong about cryptocurrencies and blockchain technology. His premier interest of investment is emerging and frontier markets. One of the

Sponsored: The Aerum ecosystem, a market-oriented hub

                  The Aerum ecosystem offers a decentralized hub The Aerum ecosystem is presented to the crypto sector with a platform for the disruption of the sector. In itself, it resembles the increasingly common Hubs. A

Thai Approves its First ICO Portal

Late last year, Rapee Sucharitakul, secretary general of Thailand’s Securities and Exchange Commission revealed in a statement to local press that plans were underway to launch one ICO portal by the end of November and

SEC Declares Ethereum Not a Security

The news that the US SEC deemed Ethereum not a security is not surprising at all. Some may ask why this is so despite the fact that Ethereum is the best performing cryptocurrency with a

Sign Up Below!
Airdroppin the Latest Crypto News, Trading Strategies, Tools, & Reviews



1
Bitcoin
Bitcoin
$4,031.33
-0.11%
2
Ethereum
Ethereum
$139.63
-0.69%
3
XRP
XRP
$0.3148
-1.02%
6
Bitcoin Cash
Bitcoin Cash
$161.00
2.12%
4
Litecoin
Litecoin
$60.358
-1.88%
11
Cardano
Cardano
$0.050421
0.05%
7
Stellar
Stellar
$0.1172
7.27%
17
NEO
NEO
$9.236
-0.87%
5
EOS
EOS
$3.748
-1.09%
14
IOTA
IOTA
$0.2956
-1.34%

Crypto Guides & Tutorials

 Crypto Reviews

Subscribe to Our Social Media Daily Crypto Memes
Follow, Like, and Share Our Memes With The World


Pin It on Pinterest

Plus Free Crypto Trading Guides, Tutorials, Latest Crypto News,
and Altcoin Reviews. (Coming Soon: Pro Trading Signals)
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
Plus Free Crypto Trading Guides, Tutorials,
Latest Crypto News, and Altcoin Reviews
(Coming Soon: Pro Trading Signals)
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK
Plus Free Crypto Trading Guides, Tutorials, Latest Crypto News,
and Altcoin Reviews. (Coming Soon: Pro Trading Signals)
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
Plus Free Crypto Trading Guides, Tutorials,
Latest Crypto News, and Altcoin Reviews
(Coming Soon: Pro Trading Signals)
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK