ZURICH: A Swiss-based startup SEBA raised whooping $103 million as funds to constitute a bank that extends Cryptocurrency services to companies and investors, besides providing traditional banking services to firms that are expeditiously emerging in the Crypto industry. Meanwhile, it is considered to be amongst the biggest fundraising event in Crypto Market.
The event was led by former UBS managers Guido Buehler as chief executive and Andreas Amschwand as chairman. The group on Thursday asserted it would be seeking a banking and securities dealer license.
The license would empower UBS to conduct crypto trading and investments business for other banks and qualified investors.
Alongside, it also aims to provide corporate financing, including advising on initial coin offerings, and other cryptocurrency and banking services to traditional corporate clients and cryptocurrency groups.
SEBA aims to bridge the gap between traditional banking and the new world of crypto, ascertained by Buehler.
SEBA raised whooping $103 million as a funds-The start-up is purportedly planning to expand its operations into major financial hubs, starting with Zurich in 2019. Investors who financed SEBA include such firms as Black River Asset Management and Hong Kong-based Summer Capital. Along with other parties from Switzerland, Singapore, Malaysia, China, and Hong Kong.
Swiss Bank Association
Earlier, SBA(Swiss Bankers Association) has notified basic guidelines for Banks working with blockchain startups in order to prevent a mass crypto exodus from Switzerland due to regulatory arbitrage.
According to the stratagem provided by SBA, blockchain firms without Initial Coin Offerings should be governed like other small and medium-sized companies. Firms with ICOs must follow strict rules and fall under the purview of Swiss anti-money laundering (AML) and know-your-customer (KYC) laws. This move to a greater extent secures the interest of the investors and prospects.
SEBA raised whooping $103 million as funds-Earlier in August, Maerki Baumann a private bank began accepting crypto assets from Payment received for services rendered. Maerki Baumann contended that they are not ready to provide direct cryptocurrency investments, but would render “experts” to the clients interested in crypto trading and investing.
Another noted bank Hypothekarbank Lenzburg became the”first of its kind” in Switzerland to deploy business accounts to blockchain and crypto-related fintech companies. However, the bank is reportedly very selective in accepting new customers, and as of June had taken on only two companies from the crypto industry.