SEBA Bank is now fully operational with a range of services to bridge the gap between the crypto world and traditional banking. Licensed in Switzerland, the bank’s crypto services include asset management, trading, custody, and financing. Its wallet app, e-banking, and card enable customers to convert between cryptocurrencies and traditional investments such as stocks, bonds, and foreign exchange.
SEBA Bank Now Fully Operational
Headquartered in Zug, Switzerland, SEBA Bank AG announced on Tuesday that it is now fully operational and has started onboarding customers in Switzerland. Formerly called SEBA Crypto AG, the bank obtained a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA) in August and began testing its products with a selected group of customers. Noting that Swiss clients can now officially open an account, the bank elaborated:
As a bank licensed by a reputed supervisory authority, it can offer a comprehensive range of services in the field of digital assets and cryptocurrencies, as well as in traditional banking.
With the aim of building a bridge between the traditional banking world and the new crypto world, the bank is offering a range of integrated services in the areas of asset management, trading, custody, and financing.
“SEBA customers can invest in both traditional and digital assets, store them, trade them and take out loans – now via an integrated interface,” the bank described. “Regulation is crucial for the protection of investors – the idea of an integrated and supervised bank with focus on digital assets arose from the growing demand for investment alternatives and the increasing affinity for technology and process engineering.” In its Tuesday announcement, the bank further revealed that it plans to offer services to “clients from selected foreign jurisdictions” in December.
Crypto Services Offered
Founded in April last year, the bank raised CHF 100 million (~$100.7 million) from investors five months later to build a licensed bank and securities dealer. According to its website, the bank has partnered with Julius Bar, Finstar, Smarttrade Technologies, Geissbuhler Weber & Partner, Loomis International, Jaeksoft Sarl, and BPC. Its services are aimed at professional investors, family offices, banks, asset managers, and blockchain companies.
In addition to custody storage, trading and liquidity management, asset and wealth management, and transaction banking, the bank has been developing tokenization solutions that “will help clients to issue and manage financial assets on multiple blockchain protocols and connect them to investors in an easy and cost-effective way.” The bank plans to offer the tokenization of fiat, precious metals, as well as alternative assets including real estate, commodities, and art. It will also help companies with security token offerings. “The tokenisation of investment products, real assets, rights and primary financing constitutes another mainstay,” SEBA reiterated.
Other services include e-banking, a wallet app, and a card; they allow customers to manage BTC, ETH, ETC, LTC, and XLM, and convert them into traditional investments and vice versa online. The traditional asset classes offered include equities, bonds, and foreign exchange. According to the bank, its card can be used at 42 million points of sale worldwide. “The SEBA card represents an important step towards the mass introduction of cryptocurrencies,” CEO Guido Bühler remarked.
What do you think of SEBA Bank’s crypto services? Do you think the crypto industry needs more licensed banks like SEBA? Let us know in the comments section below.
Images courtesy of Shutterstock and SEBA Bank. Source News