A Swiss startup has raised about US$104 million to establish a regulated cryptocurrency bank with a vision to bridge the gap between crypto and traditional financial economies.
Headquartered in Zug, Switzerland, SEBA today announced it had secured the investment from a mix of Swiss and international institutional and private investors.
The startup is headed by former UBS (Swiss multinational investment bank) leaders, including SEBA’s chairman Andreas Amschwand, who was previously the UBS global head of foreign exchange.
SEBA is now focused on obtaining a banking and securities dealer license from FINMA, the Swiss financial regulator, as well as developing a new FinTech platform to deliver military-grade banking experiences.“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,” Mr Amschwand said.Click To Tweet
“This makes Switzerland the ideal place to launch a new financial services paradigm. I’m excited to be part of a team of experts helping to usher in the crypto economy.”
Once the FINMA license is granted, SEBA plans to offer a mixed online and bricks-and-mortar experience, to cater to to all user needs for crypto and traditional banking services.
“A fundamental aspect of our mission is education, we want to promote the potential blockchain holds for global economic reform and financial inclusion,” SEBA CEO Guido Bühler said.
“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.”