Switzerland-based cryptocurrency bank SEBA receives regulatory clearance to go live

Swiss cryptocurrency bank SEBA received regulatory clearance to go live. The bank is now fully operational and is supporting five coins BTC, ETH, XLM, LTC, ETC. SEBA successfully obtained a banking and securities dealer from the Swiss Financial Market Supervisory Authority.

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The cryptocurrency bank SEBA was established in April 2018 and received a banking license in August of this year. The Swiss cryptocurrency bank is now live for customers in the country. According to the CEO of the bank Guido Buhle, they raised over $100 million in capital from the investors in just 18 months.

 

Bank will be offering wallets and cards to manage cryptocurrencies.

The Swiss cryptocurrency bank is offering SEBAwallet app, e-banking, and SEBA card facilities. Customers can use these services to manage five cryptocurrencies, which include bitcoin (BTC), ether (ETH), Stellar (XLM), litecoin (LTC), and ether classic (ETC), and convert them into traditional currencies. The SEBA card can be used at 42 million points of sale worldwide, which the CEO thinks is a major step towards the mass introduction of cryptocurrencies.

SEBA would also provide corporate accounts to Swiss blockchain companies and their employees.

 

SEBA is not the first one to obtain such a license.

Earlier, the Switzerland-based Sygnum also received a banking license in Switzerland and went live in Septemeber. The bank also received a capital market services license in Singapore, which allowed it to provide asset management services om the country. On 18th September Sygnum became the world’s first-ever digital asset bank.

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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