When it comes to cryptocurrencies, nothing seems impossible any more, especially considering the dominance of blockchain in almost all sectors of human society.
Now, a Swiss startup is aiming to create the first fiat-crypto bank, combining the best of both “worlds”.
Founded and led by ex-UBS financiers, SEBA Crypto AG has raised around $100 million so far with the goal of creating a regular, or commercial bank that offers cryptocurrency services, as well.
Some of the investors in SEBA Crypto AG are Summer Capital and Black River Asset Management, with the former investing primarily in early stage AI, fintech and big data companies.
SEBA Crypto will offer customers standard corporate finance advising, as well as consulting advice on initial coin offerings or ICOs. While most new financial institutions try to go only crypto or only commercial banking, SEBA is positioning itself in a very competitive environment, offering its clients a portfolio of banking and blockchain services.
In addition, the managers of the Swiss startup are experienced UBS financiers, such as Guido Buehler and Andreas Amschwand. The startup commented that some of the raised capital will be used to create the bank, while the remaining amount of money will go towards providing investment protection, as reported by ETH News.