Switzerland-based SEBA Crypto AG has announced that it has secured a banking and securities dealer license from Swiss Financial Market Supervisory Authority (FINMA). The start-up’s licensed and supervised bank is expected to go live in early October  2019.

Andreas Amschwand, Chairman of the Board of SEBA, commented: “The banking license of the Swiss Financial Market Authority FINMA is not only a milestone for SEBA, but it also sets a new standard for banking in the Blockchain and digital asset economy. This moment has significance far beyond the Swiss financial industry.”

According to the bank, the license is expected to assist it in enabling individuals and companies to invest, trade and borrow from one place. It aims to redefine finance through increasing safety, transparency and performance. SEBA has recently raised CHF 100 million in a bid to further its goal of enhancing the process.

Guido Bühler, CEO of SEBA, said: “Today SEBA sets a new standard as a licenced integrated bank connecting the old and the new world. SEBA is a safe gateway between traditional banking and the digital asset market. We are proud to have built, in only 17 months, a licenced bank that fits into the digital environment of the 21st century.”

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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