SEBA Crypto AG from Switzerland has raised 100 million Swiss frances (103 million dollars) to start a bank that offers crypto related services. SEBA plans to apply for banking and securities dealer license from the Swiss financial market regulator FINMA, as reported by Reuters.
Getting this license will allow the startup bank to conduct crypto trading and investment business for qualified investors and other banks. CEO Guido Buehler told Reuters that SEBA wants to become ‘a bridge between traditional banking and the cryptocurrency industry’.
The company also has plans for provide corporate financing services, including financial consult and ICOs. In Switzerland companies that don’t do an ICO, should be treated as small or medium sized companies. As soon as a company does an ICO, they need to follow the country’s anti-money laundering (AML) and know-your-customer (KYC) laws.
SEBA is planning to move into financial hubs in Switzerland, starting with Zurich in 2019. In Germany a fintech company is offering consumers the chance to combine their euros and cryptocoins on one bank account. The trial phase starts this November with initially 30.000 clients.