The Swiss cryptocurrency bank SEBA received a FINMA license, which allows the bank to provide custodian services to institutional investors.
SEBA CEO Guido Buehler said the bank was one of the first institutions to receive approval from the Swiss Financial Markets Authority (FINMA) to hold customers’ digital assets. Thanks to this license, the bank will be able to open up broader investment opportunities for them in the cryptocurrency market.
SEBA was founded in mid-2018 and received a FINMA banking and securities trading license in August 2019. In addition, the bank introduced the SEBAwallet wallet and the SEBA card supporting five major cryptocurrencies: BTC, ETH, XLM, LTC and ETC.
“Having received a license two years ago, SEBA has begun to rapidly develop its business, as large companies from all over the world are rapidly adopting cryptocurrencies. With the new license, we will continue to be a pioneer in digital assets, ”commented Buhler.
The Swiss bank not only has a positive attitude towards cryptocurrencies, but also actively uses the capabilities of the blockchain. Last year, SEBA announced a partnership with Digital Asset Shared Ledger, which allowed the bank to tokenize assets on the Corda blockchain. In addition, the Central Bank of France selected SEBA as a participant in a pilot project to test the digital euro for international payments.
As a financial hub, Switzerland fosters innovation in financial markets and does not discourage firms using blockchain and cryptocurrencies if they are willing to comply with established rules. So, in 2020, the Swiss division of Gazprombank received permission from the regulator to provide custody services for digital assets.
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