Wednesday, October 27, 2021

Swiss financial watchdog FINMA grants the first crypto custody license to SEBA bank.

The Takeaway:

The Swiss financial watchdog FINMA has approved its first crypto custody license, following an application from Swiss bank SEBA for its institutional-grade digital currency custody service.

ADVERTISEMENTKillerlaunch domains

The Swiss Financial Market Authority, FINMA, has approved its first digital asset custody license, following an application from Swiss bank SEBA for its institutional-grade digital currency custody service. The fully regulated Swiss bank will use the license to focus on providing a platform for institutions and non-native collective investment schemes to store cryptocurrency and other digital assets.

 

SEBA bank has emerged as a frontrunner in the digital assets banking space.

SEBA bank, founded in 2018, has emerged as a frontrunner in the digital assets banking space. In 2019, it secured a banking and securities license from the regulator over its wallet app, e-banking service, and payment card, which currently support a spread of five different digital currencies. CEO of SEBA Bank, Guido Buehler, said the firm had gone from strength to strength over the past couple of years in cementing its place as one of the new generations of digital asset banks. “Two years ago, SEBA Bank received a Swiss banking and securities firm license and is now enjoying excellent business momentum as institutional adoption of crypto & digital assets accelerate globally,” Buehler added.

 

Banque De France chose SEBA to work on its proposals for a central bank digital currency.

The approval of local regulators has already served SEBA well, with Banque de France, France’s central bank, choosing SEBA to work on its proposals for a central bank digital currency, and specifically how a digital euro could be used in cross-border payments. Buehler said the bank would continue to pioneer digital asset services across Europe for mutual funds and other institutional clients with the new license now secured.

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.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

Leave A Reply

Please enter your comment!
Please enter your name here