SEBA Bank AG, a newly formed digital asset bank in Switzerland, has opened its doors to enterprise clients and professional investors ahead of a wider public launch next month.
The self-proclaimed “bank for the new economy” aims to bridge the worlds of traditional finance and digital assets.
A press release from SEBA published earlier today claims it is now open for business following the bank’s FINMA licence being granted in August 2019. The firm has also been granted a banking and securities dealer licence.
SEBA CEO Guido Buhler said in a statement:
“We are proud to have founded a bank within 18 months, raised $100 million in capital from investors, and obtained a banking and securities dealer licence from FINMA.”
Buhler added that SEBA customers will be able to access digital asset markets without compromising on security – a worry for institutional investors entering the often dangerous world of digital assets.
To support its services, SEBA is also launching the SEBAwallet app, an eBanking service, and the SEBA Card, which will provide initial support for five digital assets including Bitcoin, Ethereum, Stellar, Litecoin, and Ethereum Classic.
Although the press release doesn’t specify whether the SEBA Card will be supported by Mastercard, Visa, or another provider, SEBA claims that it will be usable at 42 million merchants worldwide – providing a new way to spend crypto-assets.
Banking for digital assets
Swiss companies aren’t wasting any time in capitalising on the growing digital asset industry, leading the way in European decentralised finance as it has for traditional banking products in the past.
SEBA is the second regulated digital asset bank in Switzerland to obtain relevant licences from FINMA this year. On August 30, fellow Swiss company Sygnum AG became the world’s first regulated digital asset bank, gaining full recognition from FINMA.
Sygnum plans to offer business-to-business banking, asset management services, and a professional-grade brokerage.
SEBA and Sygnum’s regulated services are likely to attract many digital asset investment firms and financial professionals who require institutional-grade custody and banking solutions for their crypto assets.
To find out more about institutional-grade digital asset management, you can read our articles on regulation here.