thetaxhaven / Flickr
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Several former UBS bankers have come together to raise more than $100 million to create Seba, a new cryptocurrency bank that is pursuing a banking license from Finma, the Swiss financial regulator.

According to a recent report by Bloomberg, Seba was created by now CEO Guido Buehler, a former managing director of asset servicing at UBS. Seba raised $104 million from a combination of private investors and venture capital firms, including Black River Asset Management AG and Summer Capital.

Buehler intends for Seba to offer customers the ability to hold and trade both fiat and cryptocurrencies, in addition to traditional banking and asset management. “Our vision is when you log in into your online banking, you’d have access to crypto and fiat within one account,” he said.

Seba has already initiated the process of filing for the banking license with Finma back in April, and the final application is anticipated to be delivered by the end of October. Seba plans to double its employee number to 34 by the end of 2019, in addition to launching additional offices in Singapore and Europe over an undefined time frame.

The news comes as Switzerland is actively working to make it easier for companies in the cryptocurrency and blockchain space to open corporate bank accounts.

According to recent reports, the Swiss Bankers Association (SBA) issued guidelines on Friday to banks who may want to do business with the more than 530 digital asset startup companies located Zurich and Zug, known as Switzerland’s Crypto Valley.

If successful, Seba could further facilitate the expansion of the crypto ecosystem within Switzerland.

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More: Ex-UBS Bankers Raise Funding for a Swiss Cryptocurrency Bank
Similar: Switzerland Pushes to Improve Communication Between Banks and Cryptocurrency Companies
Photo: thetaxhaven / Flickr

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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