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$103 Million for Swiss Cryptocurrency Bank

Redwan Eid | Sep. 27, 2018
$103 Million for Swiss Cryptocurrency Bank

SEBA Crypto AG- Switzerland-based startup, has raised 100 million Swiss francs ($103 million) to dedicate for bank offering cryptocurrency related services- Reuters reported September 26.

SEBA reportedly plans to apply for a banking and securities dealer license from the Swiss financial market regulator FINMA, in order to be able of conducting crypto trading and investments business for other financial corporations and qualified investors.

Switzerland is Committed to Establish Comprehensive Blockchain Guideline

Guido Buehler- Chief Executive of SEBA pointed to that SEBA aims to become a bridge between traditional banking and the cryptocurrency industry- as per Reuters.

In his turn, Andreas Amschwand- Chairman of SEBA, explained that they intend to provide corporate financing, including consultations on Initial Coin Offerings (ICOs), and other digital asset-related services to corporate clients.

“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.”, added Amschwand.

The news source also reported, that SEBA is purportedly planning to expand its operations into major financial hubs, making Zürich a take-off platform for its business in 2019.

Investors who financed SEBA included companies like BlackRiver Asset Management and Hong Kong-based Summer Capital, along with other parties from Switzerland, Singapore, Malaysia, China and Hong Kong.

The Swiss Bankers Association (SBA) in its turn, had issued earlier this month, basic guidelines for banks working with blockchain startups, to prevent a mass crypto exodus from Switzerland due to regulatory arbitrage. 

ICO Blockchain Should Comply with AML and KYC Labels

SBA’s scheme dictates that blockchain companies without Initial Coin Offerings (ICOs) should be treated like other small- and medium-sized companies, whereas others with ICOs must follow strict rules and fall under the provisions of Swiss anti-money laundering (AML) and know-your-customer (KYC) labels.

It was reported in August, that Maerki Baumann- a private bank in Zürich, started accepting crypto payments for the services it provides, in addition to the digital money earned from crypto mining.

The Zürch-based bank noted that it is not ready to provide direct cryptocurrency investments, but will provide “experts” to clients interested in crypto investing.

It is worth mentioning in this context, that in last June, Hypothekarbank Lenzburg became the first bank in Switzerland to provide business accounts to blockchain and crypto-related fintech companies. However, the bank is reportedly very selective in accepting new customers, where two companies from the crypto industry only managed to get approved since then.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.