A group of former Swiss bankers decided to devote themselves entirely to the development of a crypto-bank offering a wide range of new services to clients and investors accustomed to traditional financial schemes.
Swiss startup SEBA Crypto AG is owned by UBS managers Guido Buehler as CEO and Andreas Amschwand as chairman. According to Reuters, the initiative has raised more than 100 million Swiss Francs with which they plan to complete all the necessary steps to start operations as soon as possible.
The group plans to initiate its business by acquiring a banking and securities dealer license that will allow it to manage traditional fiat money along with investments in digital assets for banks and other investors.
Mr. Buehler is very optimistic regarding the future of SEBA Crypto AG and the position it will occupy within the Swiss financial market:
“SEBA wants to bridge the gap between traditional banking and the new world of crypto … With safety, transparency, and performance as core values, our ambition is to become a market leader in the convergence of traditional finance with the crypto economy.”
According to Reuters, FINMA, the Swiss authority in charge of supervising the financial markets and granting the corresponding permits to operate is already in talks with SEBA Crypto AG.
Swiss Fintechs And Crypto-Business To Become The Next Big Trend?
Switzerland has become a fairly crypto friendly country. The financial authorities seem determined to extend to the cryptocurrency markets the fame they already have as a financial paradise in the world of traditional fiat currencies.
Mr. Amschand commented that despite the apparent difficulties in launching an innovative proposal such as the one promoted by the group it represents, Switzerland is one of the best places to encourage a paradigm shift in the financial world:
“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.
It is important to note that this is not an isolated initiative. Not only have the central authorities experimented with the handling of cryptocurrencies, but other private enterprises have chosen the country to establish themselves.
One of the most recent proposals is that of Tiberius Group AG, a Swiss asset manager who recently announced the issuance of a commodity-backed cryptocurrency token.