Former UBS Bankers raise USD 100 million to develop a crypto bank

Thursday 27 September 2018 00:49 CET | News

SEBA Crypto (SEBA), a Swiss startup launched by several former UBS bankers, has raised around USD 104 million, aiming to establish a regulated cryptocurrency bank.

The Crypto Valley Zug startup had secured the funds from domestic and foreign institutional and private investors, including BlackRiver Asset Management and Summer Capital. With the investment, the SEBA founders plan to develop and offer traditional banking services to companies in the crypto industry.

Moreover, they also aim to also provide cryptocurrency trading, asset management and custody services for institutions that are interested in moving to this space.

SEBA is now applying for a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA) before it can roll out the planned crypto banking services.

According to a report from Reuters, the FINMA has confirmed that the licensing process is underway. If granted, SEBA said it will eventually open both online and physical banks for crypto and traditional financial services.

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Keywords: SEBA Crypto, SEBA, blockchain, Bitcoin, cryptocurrency, crypto bank, funding
Countries: World