SEBA Bank AG, a fully regulated Swiss bank focused on the offering of digital cryptocurrency assets, announced today that it has received license from the authorities to provide an institutional-grade custodian service for investment schemes.
With this news, the bank becomes the first digital asset-centric bank in Switzerland, and one of the first in the world, to obtain a custody license.
With the approval, the institution will be able to provide more investment alternatives to professional clients in the burgeoning cryptocurrency markets.
The firm grew to prominence as a pioneer in the regulated digital asset sector after being founded in mid-2018 with a philosophy of next-generation digital banking.
In August of this year, the bank received its banking and securities business license, allowing them to launch its SEBAwallet software, e-banking service, and SEBA card, which support five main cryptocurrencies including Bitcoin and Ethereum.
Guido Buehler, CEO of SEBA Bank, gave his opinions on the bank’s recent successes:
“Two years ago SEBA Bank received a Swiss banking and securities firm licence and is now enjoying excellent business momentum as institutional adoption of crypto & digital assets accelerates globally.”
Regulatory safeguards in a market that is frequently regarded as unpredictable quickly drew the attention of Europe’s elite.
SEBA was chosen by France’s central bank, Banque de France, to participate in their experimental digital Euro pilot project in mid-2020, with the goal of determining the practicality of CBDCs in cross-border payments.
Buehler also addressed the implications of obtaining the CISA license for adoption in Europe:
SEBA Bank continues to be a leader in the institutional digital asset area with the addition of our new CISA license. Using Swiss-based mutual fund structures guaranteed by SEBA Bank as the CISA-licensed custodian, asset managers can now provide strategies based on crypto or other digital asset underlying to a bigger audience.”