Just yesterday, being the 26th day of Sept 2018, Reuters reported on the completion of the fund raising project organized by SEBA Crypto AG which will be used to set up a bank that will be offering crypto related services the vast mass of crypto enthusiasts in the country.
The report stated that a huge sum of 100 million Swiss francs ($103 million) has been successfully raised for this project and action would be taken towards it as soon as possible.
SEBA Crypto AG is one of a number of start-ups hoping to become the region’s first regulated cryptocurrency bank. It said it plans to apply for a traditional banking and securities dealer licence from Finma, the Swiss financial regulator, and that it hopes to have one by the middle of next year.
The Swiss regulator has been in talks with SEBA, according to one person familiar with the situation, but the agency has not yet received a formal application. If granted, regulation would be similar to other securities dealers, the person said.
SEBA said it will have the same type of onboarding process for clients as traditional banks in order to comply with “know your customer” rules. It added that it was assessing new technologies that help track digital assets that have been identified as previously stolen or linked to criminal activities, known as “tainted” funds, as a way of meeting anti-money laundering requirements.
Guido Buehler, the chief executive, was formerly the head of asset servicing at UBS Wealth Management. He will be joined by chairman Andreas Amschwand, a former global head of foreign exchange and money markets at UBS who currently sits on the board at Julius Baer Wealth Management. Mr Buehler said SEBA will offer similar types of broking and wealth management services as banks offer customers with traditional fiat currencies. “We will provide the ‘last mile’ the bridge between the crypto and fiat world,” Mr Buehler said.
This story is however one of a major reminder to all, showcasing the goodies crypto industry has in store for us in the near future. So, if you are in this already, be happy and never relent on your quest for knowledge in the cryptosphere.