SEBA Bank Receives Swiss Digital Asset Custody License
A CISA license from the Swiss Financial Market Authority (FINMA) has been granted to SEBA Bank AG, a tightly regulated Swiss financial institution that specializes in crypto offerings.
The license will allow SEBA Bank AG to provide an institutional-grade custodian facility for nation-native collective investment schemes.
As a result of this news, the bank will transform into the first digital asset focused bank in Switzerland, and hence one of the first in the world, to get a custody license.
The approval will enable the institution to offer more investment possibilities to its professional clients in the growing cryptocurrency markets as a result of the endorsement.
The company, which was founded in the middle of 2018 and advocates for a concept of next-generation digital banking, quickly came to fame as a forerunner in the regulated digital asset space.
Following that, in August of this year, the bank received its banking and securities company license, which allowed them to launch its SEBAwallet software, e-banking service, and SEBA card into the market, all of which support five main cryptocurrencies, including Bitcoin and Ethereum.
Sebastiaan Buehler, CEO of SEBA Bank, expressed his excitement about the bank’s recent achievements: “SEBA Bank received a Swiss banking and securities firm license two years ago, which has resulted in excellent business momentum as institutional adoption of crypto and digital assets picks up speed worldwide.”
The attention of Europe’s elite was quickly drawn to the regulatory guarantees provided in what is typically considered a turbulent industry. Seba has been chosen to join in the exploratory digital Euro pilot programme being run by France’s central bank Banque de France, which aims to investigate the viability of CBDCs in cross-border payments. The trial project is scheduled to begin in mid-2020.
The consequences of obtaining the CISA license for European adoption were also discussed by Buehler.
“With the addition of our new CISA license, SEBA Bank is able to maintain its leadership position in the institutional crypto currency sector. With the use of Swiss-based mutual fund formats, guaranteed by SEBA Bank as the CISA-licensed custodian, investment managers may now provide strategies based on cryptocurrency or other crypto currency underlyings to a wider audience.”