Connect with us

News

Switzerland plans to open a licensed crypto bank in 2019

Published

on

The Swiss company Seba Crypto AG, engaged in financial services, raised about $ 104 million to create a crypto-currency bank. His clients will be able to trade in fiat to crypto-currency.

The project has invested private and institutional investors. One of the project staff said that the company had already negotiated with the Swiss regulator Finna and plans to apply for a license in late October. Chances are high that the license will be issued in mid-2019.

The startup is headed by two former UBS managers – ex-CEO Gudo Bechler and ex-chairman of the board of directors Andreas Amshvand.

Behler said in an interview with Reuters that the company's goal:

"Establish a bridge between traditional banking and the new world of crypto-currencies."

He noted that Seba will offer a variety of services, from asset storage to crypto-finance management to private and institutional investors. Accounts will be available in Fiat and Crypto-currency. The mission of the site is to fill the unoccupied niche in the ecosystem with crypto currency, because now most banks refuse to open accounts for block companies.

Among investors are Black River Asset Management AG and Summer Capital – well-known companies in the field of capital management.

Behler said that part of the funds raised will go to the development of the company, while others will be capitalized to protect investor interests. By the end of 2019, he plans to double the number of full-time employees, enter the markets of Singapore and European countries.

Switzerland is known for its benevolent approach to crypto-currencies. Last year, a small nation was in second place after the US in terms of the amount of money generated by ICO, according to the Financial Times rating.

The financial director of the canton of Zug, where the crypto bank will be located, said in July: by the end of 2018, the authorities will make changes in the laws. Then crypto-firms will be able to work with banks in the same way as companies from traditional markets.

Not so long ago, Switzerland and Israel agreed to cooperate in the field of block regulation and finteh initiatives.