Swiss Startup SEBA Raises $103M USD To Build A Crypto Bank

Investing, News | September 27, 2018 By:

Switzerland-based startup SEBA Crypto AG has raised 100 million Swiss francs ($103M USD) to build a crypto bank. The investment came from a mix of Swiss and international institutional and private investors, including BlackRiver Asset Management and Summer Capital.

Based in the Crypto Valley Zug, SEBA Crypto is building a gateway that facilitates movement of assets between the crypto and traditional financial markets for major financial investors. It seeks to become the world’s first licensed and supervised universal crypto bank, offering transaction banking services for accounts denominated in both crypto and fiat, custody services, trading & liquidity management, asset & investment management, and full range of crypto corporate finance services. The company is headed by former UBS managers Guido Buehler as chief executive and Andreas Amschwand as chairman.

The company is planning to apply for a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA) to allow the firm to conduct crypto trading and investments business for other banks and qualified investors.

“SEBA aims to bring crypto and blockchain products and services to the market by providing an easy-to-use and fully licensed and supervised one-stop banking solution, offering products and services for private individuals and institutional investors, as well as corporate investors,” Following the grant of the FINMA license, SEBA will combine an online and a retail bricks and mortar experience, to cater to all possible user requirements for crypto and traditional banking services.”

Amschwand said that in Switzerland they 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,” said Amschwand. “I’m excited to be part of a team of experts helping to usher in the crypto economy.”

Bühler said that a fundamental aspect of their mission is education, they 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,” Bühler said.