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Laxman Pai, Opalesque Asia:

Switzerland-based startup SEBA Crypto AG, a financial services company run by former UBS bankers, has raised 100 million Swiss francs ($103 million) to establish a bank offering cryptocurrency-related services.

The Zug-headquartered company, headed by former ex-UBS Group AG bankers - Guido Buehler as chief executive and Andreas Amschwand as chairman, said that it had secured the funds from domestic and foreign institutional and private investors, including BlackRiver Asset Management and Summer Capital.

SEBA is now applying for a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA) before it can roll out the planned crypto banking services.

The Crypto Valley firm said that it would seek to become one of the world's first regulated banks to let consumers trade fiat money into cryptocurrency.

The press release quoted Andreas Amschwand, designated Chairman of SEBA as saying: "In Switzerland we have commitment from various authorities to establish a comprehensive regulatory environment for the development of blockchain technology and the sustainable, stable growth of crypto assets. This makes Switzerland the ideal place to launch a new financial services paradigm. I'm excited to be part of a team of experts helping to usher in the crypto economy."

Guy Schwarzenbach, CEO at BlackRiver Asset Management AG, investor and designated Board Member of SEBA said: "SEBA is an extremely promi......................

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