One Swiss startup that was launched by several former UBS bankers is in the latest crypto news – and its raise of 100 million Swiss francs (about $104 million USD) in an attempt to establish a regulated cryptocurrency bank.
The startup is called SEBA Crypto AG (SEBA) and is based in the Swiss Crypto Valley near Zug. According to an official announcement on Thursday, the startup said that it had secured the funds from domestic and foreign institutional and private investors including BlackRiver Asset Management and Summer Capital.
With this investment, SEBA also said that it will develop and offer traditional banking services to many cryptocurrency-based companies and also provide cryptocurrency trading, asset management, and custodial services for institutions interested in moving to the nascent space.
The company is now applying for a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA) before it can roll out the planned crypto bank services.
As a report from Reuters noted, the FINMA confirmed that the licensing process is underway. If the government grants it, SEBA will open both online and physical banks for crypto and traditional financial services.
A former global head of foreign exchange and money market at UBS named Andreas Amschwand is the head of SEBA. As he stated following the news:
“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.”
However, SEBA is not the only crypto startup that aims to disrupt the banking industry and launch crypto banking services. The Goldman Sachs-backed crypto wallet and investment platform Circle is also seeking to register as a licensed bank in the US in order to offer crypto brokerage and trading services in all 50 states.
Russia Is Not Planning To Buy $10 Billion In Bitcoin
“This statement has no common sense. The Russian Federation — like any other country in the world — is simply not ready to combine its traditional financial system with cryptocurrencies.”Sidorenko reacted to the fake news reports from Telegraph where it was noted that Russia wants to invest $10 billion in bitcoin in order to mitigate the economic impact that is brought up from the US sanctions. The rumors emerged on Twitter where a particular user wrote that Kremlin has no choice but to invest in bitcoin and that it is the only way to avoid the harsh sanctions by President Trump. Ginko posted on Twitter and his post went viral after Telegraph wrote a story about it and lots of other websites just added their own touch to it. Ginko is known to the public for making such shocking tweets and comments after once saying that sham investment adviser Bernie Madoff is the real Satoshi Nakamoto. However, Sidorenko said that Ginko’s comments are absurd:
“Even if Russia wants to place its cryptocurrency assets now, it simply cannot do this. We do not have any mechanisms that would allow us to introduce a system: where these assets would be stored, which authorities would be responsible for it, which would be responsible for abuses and stuff.”However, according to Tota Kaliaskarova, the director of macroeconomic policy with the Eurasian Economic Union says that crypto could have a huge impact on the Eurasian economy.
Market Sees Red, Losing $1 Billion Overnight While Bitcoin Remains At $3,600
Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation
“Similar to 2015, 2019 may be the year of accumulation.’’Another crypto researcher Willy Woo said that while a crash of bitcoin to $3,122 could lead to an increase in volume, it won’t show signs of starting of the accumulation period. He pointed out:
‘’Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.’’Until evidence for the accumulation of crypto assets shows up, there are still expectations of high volatility levels.
Scott Galloway Of UCLA Believes Crypto Will Get Worse In 2019
‘’VR and crypto go from bad to worse. AI fails to live up to the hype. 3D printing rises from the ashes. Smart cameras become a hot category.’’His assessment seems to be accurate but can the crypto market prove to be the odd one out? This can be so since many industries are really committed to the crypto sector. Companies such as Fidelity, ICE, and Nasdaq have funded at least five projects in the crypto space over the past year. Venture capitalist Jim Breyer even said:
“So many of the very best computer scientists and deep learning Ph.D. students and postdocs are working on blockchain because they have so much fundamental interest in what blockchain can mean. You don’t want to bet against the best and brightest in the world.’’
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