Startup SEBA Crypto AG received 100 million CHF for crypto-bank

Swiss startup SEBA Crypto AG received CHF 100 million to open a bank offering services related to cryptocurrencies. The funds come from domestic and foreign investors, both private and institutional, including BlackRiver Asset Management and Hong Kong Summer Capital. The project is to be managed by former UBS bankers - Guido Buehler as president and Andreas Amschwand as chairman.

Swiss banking innovation

These are not the first reports suggesting that Switzerland is extremely open to innovation in finance based on cryptocurrencies. This time it is related to the creation of the first project of this type in Europe - a bank that is to provide broadly understood banking services based on virtual currencies. The plan of SEBA's creators assumes obtaining a Swiss banking license and a securities dealer license from the local regulatory institution - FINMA. This type of license would allow the company to handle cryptographic transactions and investments for other banks and institutions.

The SEBA President said that the company's goal would be to assume the role of a bridge between traditional banking and the cryptocurrency industry. The plans are much more ambitious, because the organization of corporate financing, including ICO and other services related to virtual currencies addressed to institutional clients, is at stake.

Andreas Amschwand, chairman of SEBA:

"In Switzerland, we have committed ourselves to various authorities to establish a comprehensive regulatory environment for Blockchain technology development and a sustainable, stable growth of crypto assets."

SEBA plans to expand its operations to major financial centers, starting from Zurich in 2019,