Swiss Crypto Bank 'SEBA' Expects Banking License in 2019

Guido Bühler, CEO of SEBA Crypto AG, a cryptocurrency startup based in Switzerland, told Swiss financial news outlet Cash that five “large asset managers” from Germany and elsewhere have shown interest in their crypto bank.

The company originally raised $103 million in September to build their cryptocurrency bank. At the time that the funds were raised, Bühler declared the bank as a Bridge Bridge The bridge or liquidity bridge is an essential component for brokers that are enabling their clients to trade at interbank rates directly via a Prime Broker or a Prime-of-Prime (PoP). While market makers do not require a bridge in order to service their clients, brokers which are sending through orders to a liquidity provider or an electronic execution venue need a bridge to connect their trading platform to the interbank market.Bridges are used extensively in forex trading, specifically for Met The bridge or liquidity bridge is an essential component for brokers that are enabling their clients to trade at interbank rates directly via a Prime Broker or a Prime-of-Prime (PoP). While market makers do not require a bridge in order to service their clients, brokers which are sending through orders to a liquidity provider or an electronic execution venue need a bridge to connect their trading platform to the interbank market.Bridges are used extensively in forex trading, specifically for Met Read this Term between the cryptosphere and the traditional financial worlds. His words echoed those of a growing number of companies who are attempting similar feats--is SEBA Crypto AG any different from them?

Seba Crypto AG (SEBA) has raised 100 million Swiss francs ($103 million) for the creation of a regulated bank that lets customers trade fiat for digital currency.#SEBA #cryptocurrencieshttps://t.co/YvvJ89MFrd

— Growth BIZ ⌛? (@onlinetraderbiz) September 27, 2018

Possibly. This is largely due to SEBA’s prospective licensing--the company expects that it will receive a banking and securities dealer license from FINMA, Switzerland’s financial market regulator, by June of 2019. If granted, the license would allow the firm to conduct cryptocurrency trades and investments for qualified investors and other banks.

Bühler also said that SEBA plans to offer custodial services. "As a general rule, crypto assets, just like investments in stocks and bonds, must be vested with our custodian bank function to the regulator,” he said.

In the meantime, Bühler says that SEBA is planning to raise an additional $206 million through an ICO. The funds will go toward the bank’s expansion of its operations into major financial hubs in 2019, starting with Zurich.

FINMA Warns Banks, Advises High-Risk Coverage

Switzerland has long been one of the world’s most noted cryptocurrency industry hubs because of its flexible and crypto-friendly regulations.

However, FINMA still recognizes the risks associated with Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. Earlier this month, the regulator sent a confidential letter advising financial institutions within the country to estimate risk coverage of cryptocurrencies for 800 percent of current market value.