Former UBS bankers start their own crypto bank

Swiss startup SEBA Crypto AG, founded by former UBS Group AG bankers, confirmed today that it has successfully raised 100 [...] https://www.pinterest.com/pin/1085437947660215829/

Swiss startup SEBA Crypto AG, founded by former UBS Group AG bankers, confirmed today that it has successfully raised 100 million francs (approximately $104 million) in investment capital to establish a legally licensed cryptocurrency bank.   Swiss startup SEBA Crypto AG, founded by former UBS Group AG bankers, confirmed today that it has successfully raised 100 million francs (approximately $104 million) in investment capital to establish a legally licensed cryptocurrency bank.   Both individual and institutional investors, led by BlackRiver Asset Management and Summer Capital, were expected to invest in the startup located in the so-called Crypto Valley Zug, which brings together cryptocurrency companies operating in the Swiss canton of Zug, the published statement read.   SEBA Crypto AG, led by Guido Buehler and Andreas Amschwand, who previously held senior management positions at UBS, is currently in talks with the Swiss Financial Market Supervisory Agency (FINMA), i.e. the equivalent of the Polish Financial Supervision Authority, regarding required licenses to operate on the Swiss market.   After receiving the necessary permits from FINMA, SEBA intends to establish both a stationary branch and provide online services, offering traditional banking services addressed to companies in the cryptocurrency sector as well as services such as cryptocurrency trading, asset management, custody or investment advisory (for individual and institutional clients).   The first stationary branch would be established in the middle of next year in Zurich. SEBA currently has 17 employees. However, this number is expected to at least double before the end of 2019. As Buehler assures, the startup is also planning future expansion, including European countries as well as Singapore.   In Switzerland, there is a commitment from various authorities to establish a comprehensive regulatory environment for the development of blockchain technology and the sustainable growth of crypto-assets. This makes Switzerland an ideal place to establish a new financial services paradigm." - Amschwand concludes.   Tags bank bitcoin cryptocurrencies SEBA Switzerland UBS