Topic: Swiss Financial Services Company Raises $100 Million to Launch Crypto Bank - page 2. (Read 273 times)
September 28, 2018, 02:13:49 AM
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.
September 28, 2018, 02:06:02 AM
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.
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.
September 28, 2018, 02:00:35 AM
People were trying to centralize a decentralized technology so they will convince the people to use their bank for their crypto storage but we don't need tham when we hhave wallets with private key access where the funds can be much secured on our own which is much better than giving controls of our cryptos to third party.But who are the invesotrs of this crypto bank? which maybe planned to start by the central banks!
September 27, 2018, 10:20:21 PM
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.
September 27, 2018, 07:33:04 PM
100 Million for a crypto bank. It never gets old,does it?
Crypto bank would be useless,because there aren't very great crypto related activities. Plus, this license they are talking about, they might never get it. It'd be a big fail, if the bank focuses more on the "companies involved in cryptocurrency",because let's face it, there's hardly any legit one of them. Like Avikz said, Swiss has signed up an agreement with 41 countries, so they would have to share some of the info, so some "business" might never sign up for this bank.
Crypto bank would be useless,because there aren't very great crypto related activities. Plus, this license they are talking about, they might never get it. It'd be a big fail, if the bank focuses more on the "companies involved in cryptocurrency",because let's face it, there's hardly any legit one of them. Like Avikz said, Swiss has signed up an agreement with 41 countries, so they would have to share some of the info, so some "business" might never sign up for this bank.
September 27, 2018, 07:17:47 PM
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
And oh, what if the bank fails, no money for you anymore
September 27, 2018, 07:03:34 PM
It should be appreciated what Swiss Financial Service Company has been doing, as the decision Launching Crypto Banks. It will probably be followed by other countries who have entity in Financial service precisely. Switzerland want to take the risks where most other countries are avoiding or against Crypto currency.
September 27, 2018, 06:35:42 PM
Switzerland is following the path to become a crypto friendly business county is a good news! However, such services will be accessible only to swiss citizens, is not a good news! Probably EU people will have access to this service, but i doubt about the rest of the world.
Also Switzerland was once a tax heaven and majority of the world's black money used to flow there! But few months back the have signed an agreement with 41 countries to exchange information of the account holders of respective countries!! That make swiss banking system more transparent and more vulnerable for tax evaders.
Certainly it is big initiative and covering up a major gap in today's crypto and banking world. I can only hope for success at the current legal situation.
Also Switzerland was once a tax heaven and majority of the world's black money used to flow there! But few months back the have signed an agreement with 41 countries to exchange information of the account holders of respective countries!! That make swiss banking system more transparent and more vulnerable for tax evaders.
Certainly it is big initiative and covering up a major gap in today's crypto and banking world. I can only hope for success at the current legal situation.
September 27, 2018, 06:13:14 PM
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.
September 27, 2018, 11:39:16 AM
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/
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/
Jump to: