The Swiss startup, launched by several former UBS bankers, will use the investment to build both a digital and physical crypto bank.
With a vision to bridge the gap between the crypto economy and traditional financial economy, SEBA Crypto AG plan to build a regulated bank offering crypto and blockchain related services following new funding, the Swiss-based company announced yesterday.
The investment of 100m Swiss Francs came from numerous institutional and private investors and enables the project to start.
The purpose of the bank is to provide individual and institutional investors the ability to easily invest in the economies for digital-assets and traditional finance and will result in further growth. SEBA explains there is a demand for a crypto bank because traditional financial markets stay away from crypto markets due to the risks and volatility investors are exposed to. Yet there are investors who are requesting the opportunity to transfer their crypto assets over to the regulated banking world, which the bank in development will provide.
Before SEBA can proceed with the project, it is waiting on approval from the Swiss financial market and supervisory authority for a banking and securities dealer license. Once granted, it can then proceed with launching both an online and a physical, brick and mortar bank. It will be combining both services usually associated with crypto-trading and traditional banking.
Guido Bühler, former UBS banker and CEO of SEBA, said: “A fundamental aspect of our mission is education, we want to promote the potential blockchain holds for global economic reform and financial inclusion. 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.”
Now in its sixth year, the AltFi London Summit returns on 18th March 2019 to 155 Bishopsgate. Last year proved to be a crucial turning point for the key players building the future of finance. Leading platforms launched oversubscribed IPOs, digital banks proliferated and mainstream financial institutions started their own disruptive propositions. With 2019 certain to be another landmark year, more questions will be asked by regulators with investor interest in disruption also poised for more rapid growth.