A Swiss startup established by former senior bankers at UBS has raised CHF100 million (roughly $103 million) from investors to build a licensed bank and securities dealer for cryptocurrencies.
Known as SEBA, the firm was launched to give institutions, corporates and individuals the opportunity to operate in both cryptocurrencies and more traditional financial economies.
The funds, raised by Swiss and international institutional investors and private investors, will be used to obtain a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA).
“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,” said Andreas Amschwand, designated Chairman of SEBA and formerly UBS global head of foreign exchange and money market.
“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 startup added that SEBA is already in contact with FINMA with regards to its application of a banking and securities dealer license. The licenses would allow SEBA to offer services such as secure storage and custodial services, trading and liquidity management, crypto corporate finance advisory, and crypto asset and investment management services.
SEBA also intends to use develop a new platform using state of the art FinTech and service partners to deliver the combined traditional and crypto banking services.
“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,” Guido Bühler, CEO of SEBA and former head of asset servicing at UBS Wealth Management, concluded.