The bank said it will utilize the startup’s platform to offer storage, transaction and investment solutions for digital assets to meet growing demand from its clients. The arrangement will come into effect once SEBA receives a banking and securities dealer license from the Financial Market Supervisory Authority (FINMA), the country’s financial regulator.
SEBA filed its application with FINMA in June 2018 and plans to go live with crypto banking operations in Q2 of 2019, according to a roadmap on its website. The company is also preparing for an initial coin offering (ICO) in Q3.
SEBA, which was launched by former UBS bankers, raised USD 104 million in VC funding in September 2018 in a bid to establish its regulated cryptocurrency bank.
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