SEBA Crypto AG CEO Shares Growing Interests In New Crypto Bank Including Multiple “Large Asset Managers”
The CEO of SEBA Crypto AG, a startup in Switzerland, recently had an interview this month to talk about their efforts towards adoption. One of the main topics of interest was the way that other “large asset managers” from Germany and other countries are becoming engrossed in their cryptocurrency bank. The company has been making progress in their cryptocurrency related services, reporting $103 million in funding to setup said bank.
When CEO Guido Bühler spoke during the interview, he said that their startup is working on receiving a banking and securities license from FINMA, a financial market regulator in the area, by the middle of 2019. With the license, SEBA Crypto AG has the option of both offering crypto
trading and investments, which would benefit other banks and the investors that the company approves.
In September, SEBA indicated that they were in the process of expanding to Zurich, where they would operate in major financial hubs. This plan won’t go into effect until 2019. Right now, Bühler said that the startup is trying to increase their growth capital to 200 million francs ($206 million), which they will use initial coin offerings (
ICO) to do.
Bühler went on to explain the goals of the company now, including their desire to act as a custodian bank. He said,
“As a general rule, crypto assets, just like investments in stocks and bonds, must be vested with our custodian bank function to the regulator.”
In early November, a confidential letter was issued to banks and financial institutions by FINMA, telling them to predict their risk coverage, if cryptocurrency went up to 800% of the current market value. By assigning such a high value, it is clear that FINMA believes in extreme volatility for the investments in the industry.