Swiss Crypto-Bank SEBA Crypto AG, Now Up and Running After FINMA Approval

On 12 October 2019, the cryptocurrency bank, SEBA Bank AG, announced that they had started operations after getting a green light from FINMA to enable investors to embrace digital assets without sacrificing security. 

SEBA stated that customers would be able to use an integrated interface to invest in traditional and digital assets, take loans, store, and trade them. SEBA CEO Guido Buhler said they would initially support BTC, ETH, LTC, XLM, ETC cryptocurrencies for Swiss Corporate, Professional Investors, and Asset Managers. 

The news comes two months after FINMA approved a banking license for SEBA’s rival Sygnum, who went live in September 2019. 

SEBA Introduces Crypto-Wallet 

SEBA will start by offering a multi-manager fund that will apply uncorrelated investment strategies and a network of managers to access the global digital assets market. SEBA CEO stated that in December, the Crypto-Bank would extend its services to select foreign jurisdictions.

SEBA has SEBAwallet App, SEBA Cards, and E-banking services that customers can use to manage their digital assets and to convert the assets to and from traditional currencies. 

According to Buhler, their SEBA Cards are a perfect representation of the steps that the Crypto bank is taking to promote crypto-mass adoption. The Bank has 42 million worldwide points of sale where customers can use their SEBA cards.

New Deal for Swiss Blockchain Developers

In their statement SEBA also said that they have an account opening package for Swiss blockchain and their employees:

“They will be able to have accounts and custody for fiat and digital assets and tokenize assets according to their needs. This is a new and extremely important step for the blockchain and digital asset economy.”

SEBA Crypto AG, as it was formerly known, received its banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA). SEBA CEO, Guido Buhler stated:

“With the banking and securities dealer license granted by FINMA, SEBA is able to close an important gap between traditional banks and the digital asset world. SEBA is developing a comprehensive range of industry-leading investment products and digital assets, tokenization solutions for professional and institutional investors.”