SEBA Crypto AG, a Swiss-based startup, have announced that they have raised 103 million Euros for their bank, which will offer a comprehensive list of crypto-related services. The start-up is run by Guido Buehler (Chief Executive) and Andreas Amschwand (Chairman), both ex-UBS bankers. The investments are pending banking license approval from Swiss regulatory body FINMA.
The new bank will provide ICO consultancy services as well as corporate finance to both qualified investors and corporate clients.
According to Reuters, Buehler said: “SEBA wants to bridge the gap between traditional banking and the new world of crypto. 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.”
FINMA have confirmed that they are in contact with SEBA, so a decision on the license – which isn’t expected to have any issues – should be announced soon. The company’s decision to base themselves in the Zug / Zurich area will see them aligned with a number of notable crypto industries, as Switzerland focuses on the ongoing establishment of Zug as the “crypto valley”.
Amschwand said: “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.”
The investment that SEBA have raised, led by the likes of Black River Asset Management AG and Summer Capital, will go towards increasing their employee base from 17 to upwards of 30 by the end of 2019, with the main portion of the money being put into capitalization so that investments can be protected. SEBA are also planning to expand into Europe and Singapore over the next 18-24 months.
And the vision for SEBA’s bank is that crypto and fiat can live side by side, with seamless transitioning available. According to Buehler, “Our vision is when you log in into your online banking, you’d have access to crypto and fiat within one account”.
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