SEBA Crypto snags major funding for crypto bank

Switzerland-based startup SEBA Crypto has raised CHF100 (£80 million) to build a crypto bank.

Andreas Amschwand, designated Chairman of SEBA and formerly UBS Global Head of Foreign Exchange and Money Market, comments: “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. This makes Switzerland the ideal place to launch a new financial services paradigm. I’m excited to be part of a team of experts helping to usher in the crypto economy.”

The investment came from a mix of Swiss and international institutional and private investors. Guy Schwarzenbach, CEO at BlackRiver Asset Management, investor and designated Board Member of SEBA, says: “SEBA is an extremely promising startup with an ambitious mission. The investment is predicated on deep analysis of the velocity of the cryptographic asset market – if adoption, use and utility continue to gain traction at the same rate; crypto will become a legitimate, sound asset class and therefore hold a requisite allocation in investors’ portfolios.”

FINMA

The venture says it is in contact with FINMA for the application of a banking and securities dealer licence. This would allow it  to offer a range of services, including secure storage and custodial services, trading and liquidity management, crypto corporate finance advisory and crypto asset and investment management services.

Guido Bühler, CEO of SEBA, says: “A fundamental aspect of our mission is education, we want to promote the potential blockchain holds for global economic reform and financial inclusion. 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.”