Two former UBS bankers have raised $103 million to build a crypto bank

ZURICH (Reuters) – Swiss startup SEBA Crypto AG has raised 100 million Swiss francs ($103 million) to construct up a financial institution offering cryptocurrency companies to firms and buyers while extending old banking companies to firms in the new industry. Headed by veteran UBS managers Guido Buehler as chief govt and Andreas Amschwand as chairman, the community talked about on Thursday it is wanting for a banking and securities dealer license to preserve watch over cryptocurrency trading and investments for banks and qualified buyers. It also targets to create company financing, together with advising on preliminary coin choices, and various cryptocurrency and banking companies to old company shoppers and cryptocurrency groups. “SEBA wants to bridge the gap between old banking and the new world of crypto,” Buehler talked about. “With security, transparency and efficiency as core values, our ambition is to vary true into a market leader in the convergence of old finance with the crypto financial system.” The Zug-based community is asking for a license from Swiss financial market supervisor FINMA. FINMA confirmed that it is in contact with SEBA on the topic. Extra than 500 blockchain and cryptocurrency startups obtain settled around Zug and Zurich. Nonetheless because the industry has grown, it has faced challenges integrating into the country’s old financial hub. Banks obtain came across promise in the blockchain expertise underpinning cryptocurrencies nonetheless obtain been hesitant to commingle with an industry by which due diligence exams were infrequently conducted at some level of fundraisers a year ago and for which the long-term worth calm remains to be tested. Cryptocurrency groups obtain thus faced explain gaining earn admission to to banking companies. “In Switzerland, we now obtain dedication from assorted authorities to assign a complete regulatory atmosphere for the come of blockchain expertise and the sustainable, stable boost of crypto assets,” Amschwand talked about. “This makes Switzerland the acceptable diagram to originate a new financial companies paradigm.” Investors consist of Swiss-based BlackRiver Asset Management and Hong Kong-based Summer season Capital, among assorted backers from Switzerland, Singapore, Malaysia, China and Hong Kong. It targets to open division locations in main financial hubs, starting with Zurich in 2019, as smartly as digital companies. (Reporting by Brenna Hughes Neghaiwi)