Friday, February 21, 2020

Swiss banks are seeking regulatory approval to offer crypto services.

The Takeaway:

Switzerland-based bank SEBA received a license from regulators to offer cryptocurrency services in 2019. The Swiss bank is looking to expand its market to other countries. Following SEBA's lead, several other banks are now applying for a crypto license.

ADVERTISEMENTKillerlaunch domains

Switzerland-based bank SEBA AG went live in November 2019 and started providing services such as fiat storage, crypto custody, and a crypto-connected debit card that converts fiat for shopping daily and crypto trading using bank’s mobile app. Because of the growing tech industry, online internships and jobs have also increased all over the world. The rise in blockchain and crypto industry has also given a substantial boost to startup India. 

 

Crypto startup registers for a versatile banking license.

Currently, SEBA and Sygnum are the two leading banks that have obtained a versatile banking license from FINMA that allows them to offer crypto services in the country. A Swiss-based crypto startup Bitcoin Suisse has also registered for a banking license to offer several services from staking to loans. The startup said that once they receive the license, they would be capable of start trading crypto securities and stablecoins.

 

SEBA is looking to raise $95 million to expand into other countries.

Crypto-focused bank SEBA is looking to raise $95 million in additional funds so it could expand its services to other countries. The bank had raised $103 million in its first fundraising round. Currently, SEBA offers services in fiat currencies, including US dollars, Hong Kong dollars, and Singapore dollars. The bank also supports five major cryptocurrencies, including bitcoin, ether, Stellar, Litecoin, and Ether Classic.

ADVERTISEMENTBtrz jokerbtc 728x90 en

Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Charles Carter
Charles Carter
Charles is an experienced researcher with a Master of Public Administration degree from Humber College, Canada. Apart from being fascinated about blockchain and cryptocurrencies, he loves to drive around the town in his collection of cars.

Leave A Reply

Please enter your comment!
Please enter your name here