Swiss-based SEBA is the first company that combines traditional banking with digital assets. Companies and institutional clients from Singapore, Hong Kong, the U.K., Italy, Germany, France, Austria, Portugal, and the Netherlands will now be able to open accounts with SEBA.
SEBA received a banking license from FINMA.
Crypto-focused SEBA bank received a banking license from the Swiss Financial Market Supervisory Authority (FINMA) in August of this year. The bank said in a statement that “More than ten years after the invention of Bitcoin, there is still a tremendous gap between traditional banking on one side and decentralized finance on the other side,” and they aim to bridge the gap.
Bank also offers wallet and card services.
The Swiss-based bank earlier announced to launch the SEBAwallet app, e-banking, and SEBA card services to its users. Currently, the bank supports five cryptocurrencies that include Bitcoin (BTC), ether (ETH), Stellar (XLM), litecoin (LTC), and ether classic (ETC), which can be converted to traditional assets. However, SEBA is not the only company to receive such a license. Its rival Sygnum also received a capital markets services license in Singapore this year.