Switzerland-based SEBA Crypto has netted CHF 100m ($101m) in funding to build a FINMA licensed bank.
The funding was supplied by a mixture of unnamed Swiss and international institutional and private investors.
SEBA is aiming to create a digital bank which will connect the gap between crypto and traditional financial economies. To do this, the bank will combine an online and retail brick and mortar experience to support the two environments.
The bank will offer financial services to private individuals and institutional investors, as well as corporate investors.
At the moment, SEBA is in the process of applying for a banking and securities dealer license from FINMA, the Swiss Financial Market Supervisory Authority. By achieving this, the bank will be able to offer a selection of services including secure storage and custodial services, trading and liquidity management, crypto corporate finance advisory and crypto asset and investment management services.
SEBA chairman Andreas Amschwand, designated said, “In Switzerland we have 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.”
Last month, Switzerland-based financial services technology developer SIX bought the remaining stake in Swiss Euro Clearing Bank.
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