Switzerland-based cryptocurrency start-up, SEBA Crypto AG says it is on the brink of acquiring a securities and banking dealer license in the second quarter next year.
A Swiss Financial market regulator, FINMA will issue the license to the company. If SEBA will obtain the support it needs then the company would be able to carry out cryptocurrency investments and trades for both institutional ventures and quality investors.
Guido Buhler, the CEO of SEBA Crypto AG said that the firm is looking forward to providing custodial services to their clients. He also added that digital assets should be invested in their custodian bank function to the regulator.
Along with this, the firm is also hosting its own ICO with the hope that it would help them obtain an additional $206 million. This would help the company invest in the expansion of its services into bigger financial hubs in the next year. The company is planning to expand its services starting with Switzerland’s capital Zurich.
Why Switzerland?
Switzerland is one of the world’s major cryptocurrency and blockchain regions. The country acts as a host to the well-known ‘Crypto Valley.
While Silicon Valley provides a list of high-ranking tech firms such as Facebook, the Crypto Valley provides the numerous blockchain startups who intend to boost the mainstream adoption of crypto assets. The country has some of the world’s most easy-going and flexible laws when it comes to the crypto industry.
The financial regulator, FINMA knows that there are many risks related with purchasing and trading the cryptocurrencies. At the beginning of this month, the association sent some confidential letters to many financial institutions. The letter requested them to evaluate risk coverage of digital currencies for nearly 800 percent of present market value.
SEBA lifting some Additional Currency
In September, SEBA obtained nearly 100 million CHF during a funding round. This was in order to create a regulated bank that can operate in both digital and traditional finance.
Andreas Amschwand said they have a commitment from many officials to build a comprehensive regulatory environment. This is for the development of the decentralized blockchain technology and for the stable growth of digital assets.
Altogether, this makes Switzerland the perfect place to set up a new financial services paradigm.
