Switzerland in many ways is one step ahead of other nations when it comes to the environment for cryptocurrencies. After all, Zug, Switzerland has earned the nickname “Crypto Valley.” Now Swiss startup Seba is taking it a step further with its plans to become the world’s first regulated crypto bank, according to reports.
Ultimately, Seba is taking a hybrid approach and is looking to bridge the gap between cryptocurrencies and the traditional banking industry. Its vision is for a bank that offers fiat-and crypto-fueled investment services to the crypto community. The company has already raised $104 million in its pursuit to become a fiat-to-crypto bank.
Path to a Crypto Bank
Seba attracted prominent investors as backers of the project, including both private and institutional investors who are bullish on the prospects of the crypto bank. Among them include former UBS banker Joseph Chee, venture capitalist Jack Chung and Guy Schwarzenbach, the son of an FX billionaire.
According to reports, Seba plans to submit its final application for a banking license with Swiss regulator Finma by the end of this month. But Seba executives, who are former UBS bankers, are no strangers to local regulators and have been in discussions with them about the launch for months. Seba CEO Guido Buehler reportedly said:
“Our vision is when you log in into your online banking, you’d have access to crypto and fiat within one account.”
A banking license, which will reportedly cost the firm tens of millions of dollars, is expected to be approved by mid-2019 at the latest.
Seba has chosen Crypto Valley as the location for its company, which is where many other blockchain startups flock to as well. Meanwhile, Seba is already thinking about its growth plans and is reportedly targeting Europe and Singapore for an expansion where the company plans to double its staff by year-end 2019.