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Cryptocoin: SEBA Raises $103M Funds to Build Crypto Bank

CRYPTOCOIN – SEBA Crypto AG, a Swiss startup, has decided to raise its funds to $103 million in building a bank that offers cryptocurrency services to companies and investors along with its extension of traditional banking services to companies.

With Guido Buehler as chief executive and Andreas Amschwand acting as the chairman, the group said on Thursday that the company is searching for a banking and securities dealer license. This will manage cryptocurrency trading and investments for banks and experienced investors.

Moreover, the crypto bank will offer corporate financings such as advising on initial coin offerings and other cryptocurrencies. It will also provide banking services to traditional corporate clients and cryptocurrency groups.

FinanceBrokerage - Cryptocoin Cryptocurrencies bullish on confirmation of Bitmain to IPO plan in Hong Kong
Cryptocurrencies have gone upbeat on the confirmation of Bitmain about its IPO plan in Hong Kong

“SEBA wants to bridge the gap between traditional banking and the new world of crypto. With safety, transparency, and performance as core values, our ambition is to become a market leader in the convergence of traditional finance with the crypto economy,” Buehler said.

SEBA will get a license from FINMA, a Swiss financial market supervisor. Further, FINMA has already confirmed that it is in talks with SEBA regarding the acquisition of the license.

There were more than 500 blockchain and cryptocurrency neophyte firms which have settled around Zug and Zurich. However, upon the expansion of the industry, it faced challenges regarding its integration into the traditional financial hub of the country.

Further, these cryptocurrency groups have faced difficulties to gain accessibility to banking services.

“In Switzerland, we have a 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,” Amschwand said.

Swiss-based BlackRiver Asset Management and Hong Kong-based Summer Capital were included by investors. SEBA envisions launching branch locations in major financial hubs starting with Zurich next year as well as digital services.

Cryptocoin: Cryptocurrencies bullish on confirmation of Bitmain to IPO plan in Hong Kong

On Thursday, Bitcoin and other major cryptocurrencies increased in Asia. This is amid the confirmation of Bitmain Technologies, the world’s largest digital token mining equipment maker, on Wednesday about its plan to list Hong Kong stock exchange.

Based on the Bitifinex exchange, Bitcoin edged up 1.29% to $6,494.2. Meanwhile, Ethereum increased by 3.71% to $218.86 on the Bitifinex exchange.

As per the Poloniex exchange, XRP climbed 7.15% to $0.53309 while Litecoin made an increase of 2.67% to $58.549 on the Bitifinex exchange.

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