Switzerland is a world leader when it comes to banking and crypto. In August they combined the two by being the world’s first to grant crypto-banking licenses to banks that mainly use crypto banking. Sygnum was the first to open its doors. Today it is SEBA.
SEBA trades in crypto and has an official banking license from the Swiss financial market regulator (FINMA). This means that they may not only call themselves a bank but that they may, for example, also trade in securities.
The bank will provide investors with secure access to the crypto market. SEBA trades in fiat currencies and five crypto coins: Bitcoin (BTC), Ether (ETH), Stellar (XLM), Litecoin (LTC) and Ether Classic (ETC). For the rest, they offer all the standard facilities of a normal bank with bank cards, etc. Guido Buhler, the CEO of SEBA says:
We are proud that we have established a bank in 18 months, acquired 100 million euros in investments, and obtained a bankers and securities license.
Milestone for the crypto industry
SEBA does not only bank in crypto, but they also bank before crypto. All fintech, blockchain and crypto startups that cannot obtain loans through the traditional bank can go to SEBA. SEBA thus fulfills a much-needed need of the blockchain industry.
So today the industry has got a real own bank. This is a milestone for the recognition of crypto and will stimulate the further development of the industry, at least in Switzerland. SEBA expects to be active in other countries at the end of December.