SEBA Crypto AG, a startup based in Switzerland, has raised 100 million Swiss Francs (around $103 million) to launch a bank which offers services related to cryptocurrencies.

Facilitating Institutional Investors

Headed by former UBS bankers Guido Buehler and Andreas Amschwand, the Swiss startup, SEBA Crypto AG, has successfully raised $103 million to establish a bank which offers cryptocurrency-related services.

As Reuters reports, the group will be seeking a banking and securities dealer license by FINMA in order to be able to manage cryptocurrency trading as well as investments on behalf of banks and qualified investors.

Speaking on the manner, Buehler, who is the acting CEO of the company, said:

SEBA wants to bridge the gap between traditional banking and the new world of crypto. […] 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.

Reportedly, investors include the Hong Kong-based Summer Capital, Swiss-based BlackRiver Asset management, and others from Malaysia, China, Singapore, Switzerland, and Hong Kong.

Zug, Switzerland

Switzerland: A Cryptocurrency Hotspot

This is far from being the only recent development in the country, which has quickly turned itself into a hotspot for cryptocurrency-related projects.

Earlier in February, FINMA issued ICO regulations which provide certain legislative clarity on the matter without being too loose or invasive.

Shortly after, one of the largest cryptocurrency exchanges in the world by means of traded volumes, Bitfinex, revealed that it considers Switzerland to be its new home.

In July, the owner and operator of the country’s stock exchange, SIX Group, announced that it will be launching a DLT-based infrastructure, further facilitating the access to cryptocurrencies, in general.

What do you think of the move by SEBA Crypto AG? Let us know in the comments below!

Images courtesy of Shutterstock.

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