Guido Bühler, CEO of SEBA Crypto AG, a cryptocurrency startup based in Switzerland, told Swiss financial news outlet Cash that five “large asset managers” from Germany and elsewhere have shown interest in their crypto bank.
The company originally raised $103 million in September to build their cryptocurrency bank. At the time that the funds were raised, Bühler declared the bank as a bridge between the cryptosphere and the traditional financial worlds. His words echoed those of a growing number of companies who are attempting similar feats–is SEBA Crypto AG any different from them?
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Seba Crypto AG (SEBA) has raised 100 million Swiss francs ($103 million) for the creation of a regulated bank that lets customers trade fiat for digital currency.#SEBA #cryptocurrencieshttps://t.co/YvvJ89MFrd
— Growth BIZ ⌛? (@onlinetraderbiz) September 27, 2018
Possibly. This is largely due to SEBA’s prospective licensing–the company expects that it will receive a banking and securities dealer license from FINMA, Switzerland’s financial market regulator, by June of 2019. If granted, the license would allow the firm to conduct cryptocurrency trades and investments for qualified investors and other banks.
Bühler also said that SEBA plans to offer custodial services. “As a general rule, crypto assets, just like investments in stocks and bonds, must be vested with our custodian bank function to the regulator,” he said.
In the meantime, Bühler says that SEBA is planning to raise an additional $206 million through an ICO. The funds will go toward the bank’s expansion of its operations into major financial hubs in 2019, starting with Zurich.
FINMA Warns Banks, Advises High-Risk Coverage
Switzerland has long been one of the world’s most noted cryptocurrency industry hubs because of its flexible and crypto-friendly regulations.
However, FINMA still recognizes the risks associated with cryptocurrencies. Earlier this month, the regulator sent a confidential letter advising financial institutions within the country to estimate risk coverage of cryptocurrencies for 800 percent of current market value.