Ex-UBS bankers raised $103 million to create a crypto bank

According to Reuters, Swiss startup SEBA Crypto AG has raised 100 million francs ($103 million) to create a bank offering cryptocurrency services.

SEBA is reportedly led by former UBS bankers Gaido Bühler as chief executive and Andreas Amschwand as chairman of the board. They plan to apply for a license from Swiss financial regulator FINMA. The license will allow the company to conduct cryptocurrency trading, as well as provide investment services to other banks and qualified investors. Bühler told Reuters reporters that SEBA wants to become a bridge between traditional banking and the cryptocurrency industry.

Amschwand commented:

“In Switzerland, various government bodies have committed to creating a comprehensive regulatory framework for the development of blockchain technology and for the sustainable growth of cryptocurrency assets.”

SEBA plans to expand its activities to major financial centers, starting with Zurich in 2019. SEBA's investor list includes companies such as BlackRiver Asset Management and Summer Capital, as well as other businesses from Switzerland, Singapore, Malaysia, China and Hong Kong.

Earlier this month, the Swiss Bankers Association (SBA) released basic guidelines for banks that work with blockchain technology. Under the law, blockchain firms that have not conducted an initial coin offering (ICO) are considered small and medium-sized enterprises. Companies that conduct ICOs must follow strict laws and are subject to anti-money laundering and know-your-customer (AML/KYC) laws. 

In June, Hypothekarbank Lenzburg became the first bank in Switzerland to provide business accounts for cryptocurrency fintech companies. Be that as it may, according to information, the bank is very selective in choosing new clients; as of June, it began providing its services to only two cryptocurrency companies.

According to https://cointelegraph.com/news/