New Swiss Regulated Bank is a Bridge Between Traditional Banking and Crypto

November 13, 2019 | Digital Assets, News
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New Swiss Bank SEBA lets clients seamlessly convert between the crypto and banking worlds.

Switzerland -headquartered SEBA Bank AG became fully operational on Tuesday and started taking on Swiss customers. It received a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA) in August.

“SEBA is a licensed and supervised Swiss bank providing a seamless, secure, and easy-to-use bridge between digital and traditional assets. Secure, trade, and manage your cryptocurrencies, digital assets, and conventional securities all in one place.” – SEBA website.

Banks, asset managers, pension funds, companies, and professional private investors based out of Switzerland can avail of the bank’s services.

However, the new bank intends to start accepting customers from select foreign jurisdictions in December 2019.

Digital assets covered

In the crypto/digital area, SEBA offers a wide range of services in asset management, trading, custody, and financing. It will also offer tokenization of investment products, real assets, rights, and primary financing.

Besides, it will offer certain specific services to Swiss blockchain companies and their employees. It will also allow them to open and access a corporate account.

In its announcement, the bank said it offers transactions in five cryptocurrencies namely, Bitcoin, Ether, Stellar, Litecoin, and Ether classic. Customers may hold these in the SEBAwallet app, E-Banking, and the SEBA Card. Customers can go online and convert these into traditional currencies and vice versa.

Significantly, the SEBA Card is accepted at 42 million points of sale worldwide.

SEBA Bank’s race to go live

Finally, the bank took just 18 months from its founding to become operational. Moreover, this period included the banking license from FINMA and a capital raise of CHF 100 million ($100.5 million).

[Related Story: Swiss Private Bank Launches Digital Asset Services Including for Bitcoin And Ethereum

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