SEBA Crypto AG Expects Securities Dealer and Bank License by Middle of 2019
SEBA Crypto AG, a Switzerland-based cryptocurrency startup, recently announced that it would be licensed come 2019.
Its CEO, Guido Buhler, also expressed confidence in the fact that the startup was attracting the attention of major players in the cryptocurrency industry in Germany and Europe as a whole.
A Full-Fledged Financial Institution in Waiting
Switzerland ranks among the best cryptocurrency hubs in the world thanks to its friendly and flexible laws and regulations. However, the country has also been raising concerns about the risks involved in trading and transacting cryptocurrencies and issued an official warning to this effect.
Nevertheless, SEBA Crypto AG has applied to FINMA for a banking licence which, if and when granted will allow SEBA become a regulated part of Switzerland's stable banking system.
SEBA Crypto AG will be able to offer a broader range of services once it is licensed. Its main services will involve facilitating trading and transactions of cryptocurrencies between banks, financial institutions, and other qualified entities and investors. The company has already positioned itself as a safe, fast, and affordable option – it has already carved out a sizeable market for itself.
SEBA also plans to introduce custodial services soon after licensing. This is, in fact, more of a requirement as crypto assets are required to be vested with custodian banks, just as is the case with stocks, bonds, and other securities. To this end, SEBA Crypto AG has already partnered with several banks and financial institutions in preparation for this.
A Good Start and Bright Future
Interestingly, Guido Buhler was been keen to mention that SEBA Crypto AG was in talks with several major crypto assets managers from Germany and Europe at large. It is understandable why this relatively new company would catch the attention of the industry’s main players.
The company recently held a fundraising in September. Amazingly, it collected over $103 million on its first try and gained support from several noteworthy figures and venture companies. It also came up with an ambitious plan: creating a bridge between the traditional financial markets and institutions and upcoming cryptocurrency markets.
These factors and the fact that it was situated in the perfect environment for a cryptocurrency company have seen its popularity rise considerably in such a short time.
Now SEBA Crypto AG is making plans to raise a further $206 million during its upcoming ICO. The funds will go to expanding the company’s banking operations before its licensure in July 2019. The company will also be looking to venture into more cryptocurrency hubs all over Europe, but for now, it is limiting its activities to Zurich.
However, it is important to note the uncertainty in the market – this is especially concerning considering that the Swiss government recently issued a warning and recommended a risk coverage of at least 800% of the current market value.
SEBA Crypto AG is looking forward to a bountiful year ahead as it awaits its licensure come July 2019. Its license will grant it access to more opportunities.
Its prioritized plans, for now, are facilitating cryptocurrency trades and transactions and providing custodial services.