Cryptocurrency bank SEBA is now operational

SEBA Bank AG (formerly SEBA Crypto AG) shared a statement with The Block saying that it is fully operational. According to the statement - Swiss clients, including corporates, asset managers and professional private investors, can now open an account with the bank. It is further planning to onboard clients from selected foreign jurisdictions in December. Having been set up in 2018, SEBA received a banking license from the Authority (FINMA) earlier in August 2019. 

SEBA CEO Guido Buhler said:

We are proud to have founded a bank within 18 months, raised CHF 100 million [$100.5 million] in capital from investors and obtained a banking and securities dealer license from FINMA.

He further added that the customers of the bank should be able to utilize digital assets fully "without having to sacrifice security.” The bank said that secure custody of digital assets is its "critical" success factor. Further, it said that customers can invest in traditional and digital assets, store them, trade them and take out loans, using an integrated interface. 

As per the announcement, SEBA is offering SEBAwallet app, e-banking, and SEBA card facilities, using which users can manage five cryptocurrencies. This includes bitcoin (BTC), ethereum (ETH), Stellar (XLM), litecoin (LTC) and ethereum classic (ETC). They can convert these into traditional currencies and vice versa. Users can use SEBA cards at 42 points of sale across the world. 

Buhler said:

The SEBA Card represents an important step towards the mass introduction of cryptocurrencies.

As per the statement, SEBA is also offering corporate accounts to Swiss blockchain firms and their employees. 

Buhler added:

They will be able to have accounts and custody for fiat and digital assets and tokenize assets according to their needs. This is a new and an extremely important step for the Blockchain and digital asset economy.