Zurich will have a physical branch of a cryptocurrency bank next year…
A new bank is set to launch in Switzerland, with this one having a very particular cryptocurrency focus.
It’s coming from a start-up firm by the name of SEBA Crypto AG, and the organisation has managed to raise just over $100m worth of Swiss francs for the new enterprise.
Now that its round of funding is in place, SEBA has confirmed that it’s now going to be looking to secure a banking and securities dealer license, and once it has that, it’ll be able to manage and oversee trading and investments in cryptocurrencies for other banks, and for investors.
Furthermore, it’s also looking to provide advice and information on ICOs, and will offer a range of other cryptocurrency-related services.
The new bank will be headed up by Guido Buehler and Andreas Amschwand. Buehler commented that “SEBA wants to bridge the gap between traditional banking and the new world of crypto”, and that “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”
It’s little secret that cryptocurrency companies have been struggling to deal with traditional banks, many of which won’t provide services to them. Switzerland is a country with a friendlier financial framework towards crypto, and the aim will be to start opening branches of the new bank next year. The first is planned for Zurich. All assuming that Swiss finance authorities grant SEBA the necessary license to operate.
More as we hear it.