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SEBA Crypto AG Attracts Investments For Creation Of Crypto Bank

13:49 28/09/2018

The Swiss startup SEBA Crypto AG managed to raise $103 million to establish a crypto bank, Reuters reports.


Guido Buehler and Andreas Amschwand, former bank employees of the Swiss financial holding company UBS, manage the startup. They will issue an application for a banking license and send it to the country's regulatory financial authority. The document will allow carrying out activities in the field of crypto investment and trade for banks and experienced institutional and individual investors.


SEBA Crypto AG intends to become an intermediary between the existing banking sector and the crypto industry, Buehler stated. The company intends to provide services in the field of corporate financing and consult interested parties on the ICO.


It is necessary to enlist the support of both state authorities and local self-government authorities for successful work. Moreover, a serious and extensive legislative base is needed for the development of the crypto sphere and blockchain technology, Andreas Amschwand believes.


SEBA Crypto AG plans to start its work in large financial centers. Presumably, the first city for the company's activities in 2019 will be Zurich. Among the startup investors were companies from Singapore, China, Hong Kong, Switzerland and Malaysia.


As previously reported, the representatives of the Swiss bank Maerki Baumann responded to numerous requests from customers and began working with cryptocurrency. Maerki Baumann became the second bank in the country after Falcon Private Bank to make such a step.

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