SEBA has $103 Million to Launch a Crypto Bank
Zug-based Crypto start-up Seba Crypto AG (SEBA) has announced successfully raising $103 million to fund the development of a regulated cryptocurrency bank. The bank will facilitate trades in fiat for cryptocurrency on behalf of customers. They have the hopes of building a bridge between traditional financing and the crypto space.
The bank itself will manage cryptocurrency trading and investment providing institutional financing services. SEBA state on their website that they will be offering universal financing services such as transacting banking services for accounts denominated in both crypto and fiat. This means clients will be able sell Bitcoin from within the bank. Custodian services will be available with military-grade secure storage providing reassurance for clients. Clients will not be able to sell crypto instantly from within the custodian service, however.
Further to traditional financing services, SEBA will provide trading and liquidity management for the cryptocurrencies and fiat currencies. The bank will be able to manage clients’ assets and investment for crypto as well as equity products. Clients could request the bank to sell Bitcoin at a certain price or time.
SEBA are to provide fundraising advice for ICOs as well as token design and risk management. ICOs have received a lot of negative reviews so gaining backing from a regulated crypto bank is sure to increase endorsement of projects and encourage clients to sell crypto to fundraise and innovate.
SEBA has the ambition of becoming a market leader in the convergence of traditional finance and the cryptocurrency ecosystem. If they are granted a banking license from the Swiss Financial Market Supervisory Authority (FINMA) they may well achieve their goals.
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