Regulated Swiss Crypto Bank SEBA Opens Doors

Switzerland-based cryptocurrency bank SEBA has launched its services for professional investors and enterprise clients, according to an official news release published on Nov. 12.

As reported, SEBA Bank AG (formerly SEBA Crypto AG) is a fully-regulated institution, having secured a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA) in August of this year.

A fully-fledged, regulated crypto bank

According to the announcement, the bank’s services are now fully operational for a range of prospective clients, including corporates, asset managers and professional private investors. SEBA will seek to attract clients from selected foreign jurisdictions starting in December.

In a statement, SEBA CEO Guido Buhler emphasized that those opening an account with SEBA should be able to take full advantage of the digital asset sector’s potential without having to sacrifice security. He added:

“We are proud to have founded a bank within 18 months, raised CHF 100 million [$100.5 million] in capital from investors and obtained a banking and securities dealer license.”

SEBA card, five major cryptos and enterprise accounts

As part of its account services, SEBA is offering a SEBAwallet app, e-banking services and SEBA card facilities, with support for five major cryptocurrencies: (BTC), Ether (ETH), Stellar (XLM), Litecoin (LTC) and Ether Classic (ETC). 

The bank provides investors with both crypto-crypto and crypto-fiat conversion services online and SEBA cards are supported at 42 million points of sale globally, paving the way for the “mass introduction of cryptocurrencies,” according to Buhler.

Notably, SEBA is also rolling out enterprise accounts for blockchain firms and their employees, closing what it identifies as an important gap in the domestic sphere.

As reported, fellow Swiss cryptocurrency bank Sygum — which was also issued a banking and securities dealer license from FINMA in August — has in parallel conducted negotiations with regulators to seal a banking license in Singapore.

As a regulated institution, Sygnum equally aspires to roll out digital asset custody, brokerage and tokenization services for accredited investors and institutions.