Seba startup raised $ 103 million to launch crypto-Bank

[Paha87]

Swiss crypto-startup SEBA Crypto AG, has raised 100 million Swiss francs to create a Bank offering services related to cryptocurrency.

                         


It is reported that SEBA headed by former UBS bankers (Guido Boehler works as Executive Director and Andreas Amschwand as Chairman of the Board), and the startup plans to apply for a license on banking and securities, the Swiss financial regulator FINMA. The license will allow the company to conduct activities related to cryptocurrencies and investments, as well as interact with other traditional banks and qualified investors.

Buchler told Reuters that " SEBA aims to be a bridge between the traditional banking business and the cryptocurrency industry." The startup also intends to provide corporate funding, including advice on initial coin offerings (ICO) and investments in other digital assets related to corporate customer services. Amsant commented on the draft:

In Switzerland, we have commitments from various authorities to create a comprehensive regulatory framework for the development of blockchain technology and the sustainable and stable growth of cryptocurrency assets.

SEBA allegedly plans to expand its operations in major financial centers, starting in Zurich in 2019. Investors who funded SEBA funds are firms such as BlackRiver Asset Management and Hong Kong-Summer, as well as other companies from Switzerland, Singapore, Malaysia, China and Hong Kong.

Earlier this month, the Swiss bankers Association (SBA) released basic guidelines for banks working with blockchain startups to prevent harassment in servicing similar companies in Switzerland.

According to the scheme provided by SBA, blockchain companies that do not conduct ICO should be considered as other small and medium-sized companies. Firms conducting ICOS must comply with strict rules and fall within the scope of Swiss anti-money laundering laws (AML) and conduct customer identity verification procedures (KYC).

In August, private Bank Maerki Baumann started accepting cryptocurrency assets as payments received for services rendered. The Bank noted that it "is not ready to provide direct investments in cryptocurrency, but will provide experts to clients interested in crypto-investing".

In June, Hypothekarbank Lenzburg became the first Bank in Switzerland to provide business accounts for blockchain and cryptocurrency-related FINTECH companies. However, the Bank reported very selectively accepts new clients, because June only two companies received bills.


Link to the source of information (Russian) - https://altstake.io/news/startap-sebaprivlek-103-mlndlya-zapuska-kripto-banka

[agusiska]

fund raised over 100M$ was a big success of some ico sale, mean it was a great product inside, i hope it will be the sign of revival crypto market, i seen most ico project can hit their hardcap, thats a good news to us.