Swiss SEBA Bank AG (formerly SEBA Crypto AG) is now fully operational. In its statement, SEBA Bank AG said that Swiss corporate clients, asset managers, and professional private investors can open cryptocurrency accounts as reported by The Block. The bank also plans to onboard clients from some foreign jurisdictions in December.
SEBA was founded by ex-UBS employees in April 2018, and in August of this year, the organization received a banking license from the Swiss Financial Market Supervision Service (FINMA).
SEBA CEO Guido Buhler commented on the beginning of the operations:
“We are proud to have founded a bank within 18 months, raised CHF 100 million [$100.5 million] in capital from investors and obtained a banking and securities dealer license from FINMA.”
He added that bank customers will be able to take full advantage of digital assets without sacrificing security. Reliable storage of funds is a critical success factor and, according to Buhler, customers will be able to invest, trade, and receive loans through the integrated interface.
The company offers its users the SEBAwallet application, electronic banking services, and SEBA cards. Using these tools, financial institution clients will be able to operate with five cryptocurrencies – Bitcoin, Ethereum (ETH), Stellar (XLM), Litecoin (LTC) and Ethereum Classic (ETC) and, if necessary, convert it into fiat money.
Among other things, SEBA provides corporate accounts to Swiss blockchain companies and their employees.
“They will be able to have accounts and custody for fiat and digital assets and tokenize assets according to their needs. This is a new and extremely important step for the Blockchain and digital asset economy.”