Swiss startup secures $100M investment to launch a cryptocurrency bank
Created by former employees of UBS, the Swiss start-up SEBA attracted about $ 104 million to create a "regulated crypto-currency bank" that "will bridge the gap between the crypto-currency and the traditional financial economy."
Traditional participants of the financial market are afraid to work with crypto-currencies because of the risks associated with their volatility and decentralization. Similarly, it is difficult for crypto-currency companies and investors to move digital assets into a traditionally regulated banking world.
SEBA intends to solve these problems by uniting a team of experts from Switzerland, aimed at obtaining a license for trading in banking services and securities from the financial regulator of the country (FINMA) and developing a new fintech platform.
In case of approval, SEBA intends to open online and physical banks to provide crypto and traditional financial services.
SEBA aims to bring crypto-currency and block-based products and services to the market by providing a licensed and controlled universal banking solution for individuals, institutional and corporate investors.