Swiss Startup Raises $103 Million to Build Cryptocurrency-Focused Bank

A Swiss cryptocurrency startup has raised over $103 million from private investors to build a crypto bank, reported Reuters on Sept. 27.Providing Banking to Crypto.

Apart from banking crypto firms in a similar manner to traditional banks, the entity will provide cryptocurrency services, presumably custodial and trading, to interested companies and investors.

The bank shall be headed by former UBS Bank executives Guido Buehler and Andreas Amschwand.

The duo's connections help solidify the bank's position as a credible player, with the first push that of applying for a banking and securities dealer license to manage crypto investments on behalf of qualified investors.

Traditional banking services like ICO underwriting, advisory, and corporate financing for cryptocurrencies will be provided.

The bank's employees will be well-versed with various cryptocurrencies and their classifications-primarily to guide interested parties.

"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."

Reuters confirmed FINMA-the Swiss financial regulator-has successfully received SEBA's banking license application.

The landlocked European country is world-famous for its private banking services and adoption of new financial products-making its cryptocurrency advent an unsurprising venture.

Private banks in the country have denied services to cryptocurrency companies in the past, citing an absence of relevant AML and KYC document from customers.