The Swiss-based crypto bank SEBA is now officially opened for business after it received a license from the Swiss financial market supervisory authority earlier in August this year. The bank now aims to become operational this week as we are reading further in the cryptocurrency news below.
The Swiss-based crypto bank will now be serving the Swiss customers and will include private investors and corporations but will also provide support for legacy currencies such as ETH, Bitcoin, XLM, LTC and Ethereum Classic. The cryptocurrencies can be traded into and out of fiat. When the bank got its FINMA approval in August, the board chairman Andreas Amschwand noted that:
‘’The banking licence of the Swiss Financial Market Authority FINMA is not only a milestone for SEBA, it sets a new standard for banking in the Blockchain and digital asset economy. This moment has significance far beyond the Swiss financial industry.”
SEBA will offer its customers online banking services, mobile banking and a new SEBA card that can be used at more than 40 million merchants worldwide. The bank also plans to extend its services beyond Switzerland by the end of December. SEBA is the second Swiss-based bank to receive approval from the regulator after its rival Sygnum which also received the FINMA approval in August this year.
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Sygnum operates out of Switzerland and Singapore.
After getting the approval, the co-founders Mathias Imbach and Gerald Goh set their goals on getting a license in Singapore and they stated that ‘’in order for us to provide a full suite of services, we need to operate as a bank.’’ While Switzerland is considered to be a crypto-friendly jurisdiction, banking remained a weak point. The blockchain companies were denied all types of banking services deemed as too risky to provide the clients services. As per the SEBA press release:
“… a limited range of services is intended specifically for Swiss blockchain companies and their employees. SEBA gives these companies access to a corporate account with a Swiss bank, thereby closing an important gap in the local ecosystem.”
Finding banking partners that the clients can rely on, regarding jurisdictions that welcomed blockchain and crypto companies has been extremely hard so far. Binance and other VC supporters started the process of seeking a banking license from the European Union for Founders Bank but there is still no further information about this idea.
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