27 September, 2018
Zug-based financial company SEBA Crypto AG (SEBA) run by ex-UBS employees has successfully generated CHF 100 million (some $104 million) for its own crypto bank.
“SEBA wants to give institutions, corporates and individuals the confidence to operate in both economies, enabling new thinking, creating solutions and managing digital wealth efficiently,” the company press release reads.
According to the company report, investments came from both local and foreign companies, in particular, BlackRiver Asset Management and Summer Capital.
"In Switzerland, we have a commitment from various authorities to establish a comprehensive regulatory environment for the development of blockchain technology and the sustainable, stable growth of crypto assets. This makes Switzerland the ideal place to launch a new financial services paradigm. I’m excited to be part of a team of experts helping to usher in the crypto economy," commented SEBA Chairman.
The received funds are said to be allocated for traditional banking solutions that may be offered to the crypto industry members along with crypto trading, management and storage solutions.
"SEBA aims to bring crypto and blockchain products and services to the market by providing an easy-to-use and fully licensed and supervised one-stop banking solution, offering products and services for private individuals and institutional investors, as well as corporate investors."
In addition, the company stated that it is going to obtain banking and dealer license from FINMA, which may enable it to “offer a comprehensive range of services, including secure storage and custodial services, trading and liquidity management, crypto corporate finance advisory and crypto asset and investment management services.”