Switzerland’s SEBA goes live after FINMA approval
SEBA Bank AG, earlier recognized as SEBA Crypto AG, has been operational for just 18 months. However, it has managed to acquire a banking license from the Swiss Financial Market Supervisory Authority [FINMA]. According to the blog shared by SEBA, its services are up and running and its Swiss clients can now open an account with it.
Its comprehensive banking services remain focused on banks, asset managers, pension funds, companies, and professional private investors. The blog added,
“In addition, a limited range of services is intended specifically for Swiss blockchain companies and their employees. SEBA gives these companies access to a corporate account with a Swiss bank, thereby closing an important gap in the local ecosystem.”
The Zug-based financial institution aims to bridge the gap between traditional banking and the crypto/digital world. It does this by offering services in areas like asset management, trading, custody, and financing. SEBA also centers its services around the tokenization of investment products, real assets, rights, and primary financing, a provision which enables it to cover digital assets from end-to-end.
Within just 18-months, SEBA managed to raise CHF 100 million in capital from investors and obtained a banking and securities dealer’s license from FINMA. The CEO of SEBA Bank said,
“The start of operations as the first bank to focus on digital assets is another milestone. We are on track towards creating a new banking experience and redefining the customer–bank relationship. Our customers should be able to take full advantage of the opportunities offered by the new asset classes without having to sacrifice security.”
Users of the SEBAwallet app, E-banking, and SEBA Card can manage five cryptocurrencies, namely, Bitcoin [BTC], Ethereum [ETH], Stellar [XLM], Litecoin [LTC], and Ethereum Classic [ETC], and can convert them into traditional currencies. The SEBA card available to use at 42 million points of sale across the world represents an important step towards the mass introduction of cryptocurrencies, added Bühler.