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Swiss Startup Raises $ 103 Million to Launch Cryptocurrency Bank

Switzerland-based startup SEBA Crypto AG has raised 100 million Swiss francs ($ 103 million) to set up a bank offering cryptocurrency-related services, Reuters reported September 26.

SEBA is reportedly headed by former UBS bankers – Guido Buehler as executive manager and Andreas Amschwand as chairman A license would allow the bankruptcy to invest in other banks and qualified investors.

Beehler told Reuters that SEBA aims to become a bridge between traditional banking and the cryptocurrency industry. The startup also intends to provide 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 a commitment to establishing a regulatory environment for the development of blockchain technology and the sustainable, stable growth of crypto assets."

SEBA is purportedly planning to expand its operations into major financial hubs, starting with Zurich in 2019. Investors who financed SEBA include such firms as BlackRiver Asset Management and Hong Kong-based Summer Capital, along with other parties from Switzerland, Singapore, Malaysia, China and Hong Kong.

Earlier this month, the Swiss Bankers Association (SBA) basic guidelines for banks working with blockchains startups in order to prevent mass crypto exodus from Switzerland due to regulatory arbitrage.

For the scheme provided by SBA, blockchain firms without Initial Coin Offerings (ICOs) should be treated as other small- and medium-sized companies. Firms with ICOs must follow strict rules and fall under the purview of Swiss anti-money laundering (AML) and know-your-customer (KYC) laws.

In August, the Maerki Baumann private bank began accepting crypto assets from crypto mining. Maerki Baumann noted that they are not ready to provide direct cryptocurrency investments, but will provide "experts" to clients interested in crypto investing.

In June, Hypothekarbank Lenzburg became the first bank in Switzerland to provide business accounts to blockchain and crypto-related fintech companies. However, the bank is reportedly very selective in accepting new customers, and as of June.

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