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.”
The UK's oldest and best-loved conference for fintech and alternative finance insiders returns for its sixth iteration at etc.venues. We'll showcase the best of the UK's digital banking, online lending and digital wealth sectors through a series of uniquely in-depth discussions and presentations. Open Banking will be in full flight, just over a year on from its launch, and will be a central theme at the event.