A Hong Kong-based investment firm Summer Capital recently purchased a stake in Swiss cryptocurrency investment bank, SEBA crypto AG, in its series A fundraising. SEBA Crypto AG is a startup with an objective to wind up an authorized and approved digital money investment bank. The platform, which is situated in the crypto center point of Zug in Switzerland is anyway as yet anticipating approval from the Swiss Financial Market Supervisory Authority (FINMA) to trade as a banking and securities merchant.
This endorsement will enable the startup to stretch out to Asia and help blockchain-based stages to access conventional banking system. Summer Capital representative Jack Chung said he expects SEBA, which is headquartered in the Swiss district of Zug, to get approval as a banking and securities dealer by the Swiss Financial Market Supervisory Authority.
“We believe we could support SEBA’s plan to expand into Asia, a region where cryptocurrency trading and blockchain projects have been flourishing.”
Aside from Summer Capital, another financial specialist is Black River Asset Management, a U.S. investment organization.
CEO of SEBA crypto AG, Guido Buhler said that this support could stretch out to SEBA’s ICO, which is booked for quite a while in the third quarter of next year, where the venture firm could make a contribution. While Summer Capital oversees over $1 billion and has interests in FinTech and logistics, this is the organization’s first attempt into blockchain. Buhler additionally notified that the company’s first focus point would be transaction banking.
“It has been tough for blockchain start-ups to grow their businesses as they are unable to access the traditional banking system. We are building infrastructure to allow companies to pay salaries in cryptocurrencies, and bridging the gap between fiat and cryptocurrency payment.”
Moreover, the organization plans to make its technology structure and increase its headcount from 20 to 55, by the first half of 2019.
Aside from giving customary banking administrations, SEBA will include crypto-resource custodial administrations for institutional customers. The CEO likewise said that the firm would similarly make liquidity services accessible to various crypto exchanges including Asia.
Switzerland-based cryptographic money firms and Swiss banks have been on best terms. Swiss banks see virtual money as unregulated and have therefore declined to offer any support to crypto firms. On the other hand, the virtual money firms are baffled with the absence of banking support. In July, most Swiss-based cryptographic money firms moved out of Switzerland to locales where banks are inviting. Nonetheless, there is a crypto startup willing to connect the partition.
Toward the end of last month, a Switzerland-based cryptographic money startup, SEBA Crypto AG raised $100 million to support its proposed regulated virtual currency bank. The gap between conventional money related foundations and the computerized money market, drove the organization to make a digital money bank. As indicated by the organization, the bank will cater to the requirements of virtual money and furthermore transactional banking, overcoming any issues.