Topic: Swiss Financial Services Company Raises $100 Million to Launch Crypto Bank (Read 292 times)

This is really a good thing for cryptos and it seems that Bankers are the ones spearheading this projects which brings me to this conclusion that the banking sector are very much afraid of the potential of cryptos and the threat it poses to their very own business.

Swiss well knowned as savest banks in the world. If they start to launch their own cryptocurrency, it will bring more money in market and bring cryptomarket in new phase. I am believe it will good for the future of cryptocurrency

That doesn't mean that there won't be people who don't want to take responsibility for securing their own money. Wouldn't you feel much better blaming bank for the loss rather than yourself? Also, many people still have problems with some basic operations. This will change since current generation is used to technology but I can't imagine seeing my parents using the Lightning Network or simply signing a message using a Bitcoin address. I don't see anything wrong in such banks as long as people are aware of other possibilities.

We can control our own crypto, we dont need a bank to do it for us.

No need for a crypto bank. you can have a crypto bank account but so what? No merchants in your cities accepting cryptos? I would rather be my own banker than to let someone with a full control of my funds. No private keys, no coins.
And oh, what if the bank fails, no money for you anymore

You really have to appreciate what Switzerland is doing for crpyto. We have seen a lot of central banks banning crypto-fiat or vice versa transactions while Switzerland is doing the opposite. No wonder that not only in fiat system will they become a safe have, but in crypto as well. I hope though that other nations follow suit and look at crypto as something that has a lot of benefits and potential and not the so called disruptive nature of it.

No need for a crypto bank. you can have a crypto bank account but so what? No merchants in your cities accepting cryptos? I would rather be my own banker than to let someone with a full control of my funds. No private keys, no coins.
And oh, what if the bank fails, no money for you anymore

You really have to appreciate what Switzerland is doing for crpyto. We have seen a lot of central banks banning crypto-fiat or vice versa transactions while Switzerland is doing the opposite. No wonder that not only in fiat system will they become a safe have, but in crypto as well. I hope though that other nations follow suit and look at crypto as something that has a lot of benefits and potential and not the so called disruptive nature of it.

No need for a crypto bank. you can have a crypto bank account but so what? No merchants in your cities accepting cryptos? I would rather be my own banker than to let someone with a full control of my funds. No private keys, no coins.
And oh, what if the bank fails, no money for you anymore

these kind of news really boosted the price, today, we are on a $6000 run, i think and i believe that positive reviews and positive news contributes on the trend of the market price, if the price is on a dump, the panic sellers are to blame, but on the topic about this thread, launching a crypto banks seems blurred to me, we are still on a brink and most users will agree that having a crypto bank is somehow defies the nature of crypto as anonymous and decentralized, banks are the contrary of decentralization and anonymity. we'll just have to wait for further reviews on this issue.

Swiss Financial Services Company Raises $100 Million to Launch Crypto Bank
A financial services company based in Zug, Switzerland has raised roughly $104 million (100 million CHF) from investors as it looks to create a bank to lets consumers trade fiat for digital currency.

According to Bloomberg, Seba Crypto AG raised the cash from a mixture of private and institutional investors.

One of the people behind the venture said the company has been speaking with the Swiss financial authority known as Finna about submitting an application for a license by the end of October.

Hopes right now are to have a license secured by mid-2019. The startup is headed by two former UBS managers, Guido Buehler, who serves as CEO, and Andreas Amschwand, who serves as chairman.

Bridging The Gap Between Banking And Crypto
Buehler told Reuters how the goal of the venture is to “bridge the gap between traditional banking and the new world of crypto.”

He noted how Seba would offer a myriad of services, including custody, trading, and virtual currency asset management for private and institutional investors.

Buehler also asserted that Seba, who would be able to offer “bank accounts in fiat and crypto,” would help fill a “critical missing element of the currency ecosystem,” since many banks are not really willing to open accounts for companies involved in the cryptocurrency (or blockchain) spaces.

The vision behind Seba, according to Buehler is to make it possible for people to log onto online banking serves to “have access to crypto and fiat within one account.” Investors in the venture include entitles like Black River Asset Management AG and Summer Capital, who stand alongside a number of local and global backers.

Buehler says some of the funds will go towards actually building the company, while others will be allocated towards capitalizing in order to provide investor protection. Overall, he expects to double the number of company employees by the tail end of 2019, while also eventually expanding out to Singapore and other parts of Europe at an undetermined time.
https://www.ccn.com/swiss-financial-services-company-raises-100-million-to-launch-crypto-bank/

We cannot know if this kind of plan by the banks, the ico and such are good thing fot the cryptocurrency market. It is realy hard to understand what will really going ti happen to the market. With this, this may have a good effect in terms of the number of usage. Because as of today more people still believes on bank. But then lets just wait and see.

Such a small project(yes,100 million aren't that much) doesn't prove that Switzerland is "going for crypto".
By the way,this won't be a crypto bank.It will be more like a crypto/fiat hedge fund or mutual fund.
The more improtant thing is that this funs isn't licensed so far.Let's see will it get a license by the end of October.

The existing banks can easily try to accept and create their own exchange to be relevant, I think this will happen all of a sudden if one bank becomes successful after they offer crypto and fiat banking. Its going to bubble so much once again. They are never going to let themselves obsolete in the finance industry. I think there are already crypto bank projects doing ICO.