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BY CNA Team - November 13, 2018

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SEBA Crypto expects to get banking license in first-half of 2019

Buehler says SEBA Crypto expects to receive banking license in the first-half of 2019
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Newly set-up SEBA Crypto expects to get banking and securities licenses from the Swiss financial regulator in the first-half of 2019.

This was reported by financial news site Cash, who spoke to the Zug, Switzerland-based startup’s chief executive Guido Buehler.

He adds that cryptocurrency and blockchain opportunities are also on the radar of institutional investors such as pension funds and mutual funds, who have expressed interest shortly after the startup was launched.

“Up to now, five large asset managers from Germany and abroad have already made representations to us,” Buhler says.

SEBA, which announced the successful fund raise of US$103mil in late September, sees itself as a “bridge” between cryptos and the traditional financial world.

A portion of the funds will go towards building the bank while another portion will be used for capital reserves. SEBA also plans to raise up to US$198mil through an initial coin offering.

Buhler says the target customers include not only institutional clients, but also family offices and entrepreneurs, as well as professional investors.

Other services the startup wants to offer include account management to blockchain companies and their employees.

For institutional clients, SEBA wants to offer custodian services for their crypto assets.

Image courtesy of SEBA website.

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