Former UBS Bankers Net $100 million to Build a Crypto Bank | Crypto

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A Swiss startup launched by several former has raised 100 CHF, or around $104 , in a bid to establish a regulated cryptocurrency .

Called SEBA Crypto AG (SEBA) and based in the Crypto Valley Zug, the startup said on Thursday it secured the funds from domestic and foreign institutional and private investors, including BlackRiver Asset Management and Summer Capital.

With the investment, SEBA said it will develop and offer traditional banking services to firms in the crypto industry and to also provide crypto trading, asset management, and custody services for institutions that are interested in moving to the nascent space.

SEBA added it is now applying for a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA) before it can roll out crypto banking services to individual and institutional users.

According to a report from Reuters, the FINMA confirmed that the licensing process is underway. If granted, SEBA said it will eventually open both online and physical banks for crypto and traditional financial services.

Andreas Amschwand, former global head of foreign exchange and money market at UBS and now chairman of SEBA, commented in the announcement:

“In Switzerland, we have the commitment from various authorities to establish a comprehensive regulatory environment for the development of blockchain technology and the sustainable, stable growth of crypto assets. This makes Switzerland the ideal place to launch a new financial services paradigm.”

That said, SEBA is not the only crypto startup that is interested in securing a license to launch crypto banking services.

As previously reported by CoinDesk, the Goldman Sachs-backed crypto wallet and investment platform Circle is also seeking to register as a licensed bank in the U.S. at the federal level so that it can offer crypto brokerage and trading services in all 50 states in the country.

CHF image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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