Switzerland Launches the First Crypto Bank SEBA - Coindoo

Switzerland Launches the First Crypto Bank SEBA

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Nov 13, 2019
3 min reading time

Switzerland’s first crypto bank SEBA is now operational, offering a variety of services to close the gap between crypto space and traditional banking. The bank’s crypto wing will provide various services, including financing, trading, asset management, and custody. Besides, the bank launched a wallet app, e-banking, and card products that will enable customers to switch between digital currencies and traditional investments, such as foreign exchange, stocks, and bonds.

SEBA Bank Launches Operations

With main offices in Zug, Switzerland, SEBA Bank made the announcement on Tuesday, November 12, 2019. The bank stated that its operations had kicked off and now welcomes customers in Switzerland. Previously known as SEBA Crypto AG, the bank was approved as a bank and securities dealer after obtaining a license from the country’s regulator – the Swiss Financial Market Supervisory Authority (FINMA) in August 2019.

Upon clearance, SEBA started testing its products with a selected group of clients. During the announcement, the bank noted that Swiss customers could now officially open their accounts with the bank and start enjoying its services.

Part of its statement reads:

“As a bank licensed by a reputable supervisory authority, it can offer a comprehensive range of services in the field of digital assets and cryptocurrencies as well as in traditional banking.”

Bridging the Gap

SEBA aims to close the gap between the traditional banking world and the emerging crypto space. To achieve that goal, the bank offers a variety of integrated services in various areas, including financing, trading, asset management, and custody.

“SEBA customers can invest in both traditional and digital assets, store them, trade them, and take out loans—now via an integrated interface. Regulation is crucial for the protection of investors—the idea of an integrated and supervised bank with a focus on digital assets arose from the growing demand for investment alternatives and the increasing affinity for technology and process engineering,” the bank stated.

A Wide Range of Services

In addition to the previously mentioned services, SEBA bank offers other services, such as e-banking, a wallet app, and a card. These services enable clients to manage their crypto assets, such as BTC, ETH, XLM, ETC, and LTC, digitally exchanging them with traditional investments and vice versa. According to SEBA Bank CEO, Guido Buhler, “The SEBA card represents an important step towards the mass introduction of cryptocurrencies.” He noted that the card could be used at 42 million points of sale worldwide.

Featured image: cnnmoney.ch

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