A license would allow the firm to conduct crypto trading and investments business for other banks and qualified investors. SEBA is reportedly headed by former UBS bankers Guido Buehler as chief executive and Andreas Amschwand as chairman and plans to apply for a banking and securities dealer license from Swiss financial market regulator FINMA.
Switzerland-based startup SEBA Crypto AG has raised 100 million Swiss francs ($103 million) to set up a bank offering cryptocurrency-related services.
The startups have indeed provided corporate, financing, including consultations on Initial Coin Offerings (ICOs) and other digital asset-related services to corporate clients. Amschwand commented on the project:
“In Switzerland, we have the commitment from various authorities to establish a comprehensive regulatory environment for the development of blockchain technology and the sustainable, stable growth of crypto assets.”
In the month of June, the first bank of Switzerland became Hypothekarbank Lenzburg to provide a business account to the blockchain, and the fintech crypto companies. Now, a bank is very selective for accepting new customers and from the month of June has taken on only two companies from the crypto industry.