SEBA bank granted the first swiss digital asset custody license. The bank will concentrate its efforts on building an institutional-grade facility to invest in crypto assets.
SEBA Bank AG, a fully regulated Swiss-based institution that focuses on providing digital cryptocurrency assets, introduced Wednesday the approval of a CISA license from the Swiss Financial Market Authority, or FINMA, to facilitate an institutional-grade custodian service for nation-native collective investment schemes.
This announcement enables the bank to turn into Switzerland’s — and indeed one of the world’s first — digital asset-centric banks to achieve a custody license. The endorsement will enable the establishment to offer higher funding opportunities to professional clientele in the emerging cryptocurrency markets.
Based in mid-2018 as an advocate of next-generation digital banking, the firm soon rose to prominence as a pioneer within the regulated digital asset sector. One year later in August 2019, the bank attained its banking and securities firm license and introduced their SEBAwallet app, e-banking service and SEBA card to the market, supporting 5 main cryptocurrencies together with Bitcoin and Ethereum.
CEO of SEBA Bank Guido Buehler shared his thoughts on the bank’s recent successes:
“Two years ago, SEBA Bank obtained a Swiss banking and securities agency license and is now enjoying wonderful enterprise momentum as institutional adoption of crypto & digital assets accelerates globally.”
Regulatory assurances in what is often considered a volatile market soon attracted the attention of Europe’s elite. In mid-2020, France’s central bank Banque de France selected SEBA to participate in their experimental digital Euro pilot project in a bid to discover the feasibility of CBDCs in cross-border payments.
Buehler also commented on the implications of accomplishing the CISA license for European adoption:
“With our new CISA license, SEBA Bank continues its pioneering function in the institutional digital asset space. Asset managers can now provide methods primarily based on crypto or different digital asset underlying to a broader audience using Swiss-based mutual fund structures secured by SEBA Bank as the CISA-licensed custodian.”
Source: Cointelegraph
