100 million Swiss francs, or around $104 million for the establishment of a cryptocurrency bank, has been raised by former several UBS bankers.
The Swiss startup called SEBA Crypto AG, revealed on Thursday that it had secured the funds from domestic and foreign institutional and private investors, including BlackRiver Asset Management and Summer Capital.
According to SEBA, it will develop and offer traditional banking services to firms in the crypto industry and to also provide cryptocurrency trading, asset management and custody services for institutions that are interested in moving to the nascent space.
The Swiss startup is currently seeking for a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA) before it can roll out the planned cryptocurrency bank.
However, from the look of things, FINMA might likely grant SEBA the license required. And if granted, SEBA said it will eventually open both online and physical banks for crypto and traditional financial services.
The Swiss startup Chairman, Andreas Amschwand said,
“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.”
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