According to SEBA’s latest press release, from December it will be possible to open a cryptocurrency bank account in this Swiss institution. SEBA received a banking license from the Swiss Financial Market Supervisory Authority (FINMA) in August. The official statement says that clients from Switzerland are now able to onboard with an integrated digital assets account.
18 months for a cryptocurrency bank
During the funding, SEBA raised a stunning CHF 100 million ($100.5 million). Moreover, since the founding in April 2018, it took this Zug-based institution only 18 months to become operable. Regarding such a quick business establishment, Guido Bühler, CEO of SEBA Bank stated:
We are proud to have founded a bank within 18 months, raised CHF 100 million in capital from investors and obtained a banking and securities dealer licence from FINMA. The start of operations as the first bank to focus on digital assets is another milestone. We are on track towards creating a new banking experience and redefining the customer–bank relationship. Our customers should be able to take full advantage of the opportunities offered by the new asset classes without having to sacrifice security,
Cryptocurrency corporate accounts with SEBA
It is clear that SEBA aims to provide crypto banking services not only to asset managers and professional private investors but to institutions as well. Therefore, the company explains, Swiss-based crypto-oriented companies will be able to use SEBA’s new services with a corporate account.
SEBA markets their cryptocurrency services which include:
- Asset management
- Custody and financing
- Tokenisation of investment products, real assets, rights, and primary financing
The bank also developed a specific integrated user-friendly interface. Hence, through it, clients can store, trade, take loans, and invest in digital assets.
SEBA supports 5 major cryptocurrencies
Currently, SEBA offers services for five major cryptocurrencies:
- Bitcoin (BTC)
- Ether (ETH)
- Stellar (XLM)
- Litecoin (LTC)
- Ether Classic (ETC)
SEBA’s clients can now manage their mentioned assets via SEBAwallet application, the company’s E-Banking services, and the SEBA Card. The latter is currently supported at 42 million points of sale globally. Moreover, users with SEBA account can convert these cryptocurrencies into fiat and vice versa.
Although cryptocurrencies do not need banking per se, SEBA’s cryptocurrency bank account services have the ability to fuel the adoption. Even more so since the company also announced that it will be offering its services in selected foreign jurisdictions starting from December.