*FINMA – Swiss Financial Market Supervisory Authority
SEBA Crypto AG (SEBA) has secured CHF100 million to ignite its vision to build a regulated bank to bridge the gap between the crypto and traditional financial economies.
Headquartered in Zug, Switzerland, SEBA wants to give institutions, corporates and individuals the confidence to operate in both economies, enabling new thinking, creating solutions and managing digital wealth efficiently.
Traditional financial market participants widely exclude themselves from crypto markets, because crypto investments are perceived as risky and lacking investment specific regulatory protection. Similarly, crypto companies and investors are finding it difficult to move assets from the crypto markets into the traditional regulated banking world. SEBA intends to solve these challenges, bringing together a Swiss-based team of global experts focused on obtaining a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA) and developing a new platform, leveraging state-of-the-art FinTech and best-in-class service partners to deliver military-grade secure traditional and crypto banking experiences.
Andreas Amschwand, designated Chairman of SEBA and formerly UBS Global Head of Foreign Exchange and Money Market, commented: “In Switzerland we have commitment from various authorities to establish a comprehensive regulatory environment for the development of blockchain technology and the sustainable, stable growth of crypto assets. This makes Switzerland the ideal place to launch a new financial services paradigm. I’m excited to be part of a team of experts helping to usher in the crypto economy.”
The CHF100 million investment came from a mix of Swiss and international institutional and private investors, demonstrating support for SEBA’s vision to redefine finance for the new economy. Guy Schwarzenbach, CEO at BlackRiver Asset Management AG, investor and designated Board Member of SEBA said: “SEBA is an extremely promising start-up with an ambitious mission. The investment in SEBA is predicated on deep analysis of the velocity of the cryptographic asset market – if adoption, use and utility continue to gain traction at the same rate; crypto will become a legitimate, sound asset class and therefore hold a requisite allocation in investors’ portfolios.”
SEBA aims to bring crypto and blockchain products and services to the market by providing an easy-to-use and fully licensed and supervised one-stop banking solution, offering products and services for private individuals and institutional investors, as well as corporate investors. Following the grant of the FINMA license, SEBA will combine an online and a retail bricks and mortar experience, to cater to all possible user requirements for crypto and traditional banking services.
SEBA is in contact with FINMA for the application of a banking and securities dealer license. This license would allow SEBA to offer a comprehensive range of services, including secure storage and custodial services, trading and liquidity management, crypto corporate finance advisory and crypto asset and investment management services.
Jack Chung, Managing Director of Summer Capital, a SEBA investor, said “We see our investment in SEBA as leveraging the known ties between Switzerland and Asia, marrying the deep heritage in financial services and security standards of Switzerland, with the impressive growth and innovation that is powering Asia.”
Concluding today’s announcement, Guido Bühler, CEO of SEBA, said: “A fundamental aspect of our mission is education, we want to promote the potential blockchain holds for global economic reform and financial inclusion. 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.”