Switzerland’s crypto-valley, the Zug area, will soon have its first Switzerland organization to obtain a license from regulatory authorities to operate investment, trading services, in SEBA Crypto AG. Along with the banking and securities dealer’s license, it will also offer custodial services in the near future.
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— SEBA Crypto AG (@WeAreSEBA) November 15, 2018
SEBA’s attempts at putting Switzerland on the world map as the epicenter of crypto activities is akin to the technology explosion which happened in the 1980s in California in the USA and later to its unique sobriquet of ‘silicon valley.’ Crypto Valley is a term synonymous with Zug, Switzerland.
Why is SEBA exploring new banking territory?
According to CEO of SEBA,
“A fundamental aspect of our mission is education we want to promote the potential blockchain holds for global economic reform and financial inclusion.”
As one of the greatest practitioners of traditional banking systems, institutional financing and confidentiality Switzerland is currently at the cusp of emerging banking technology due to the advancement of digital finance. Thus, as one of the pioneering spirits of book-keeping in the world, perhaps it has fallen on the shoulders of exploring tech-preneurs like Guido Buheler to chart new courses for fintech and cryptocurrency-based transactional practices.
SEBA’s primary goal, as per its CEO is to ensure transparency, safety, and performance in order to become the market leader in this space.
Swiss Dream for crypto assets and blockchain
“In Switzerland, we have a commitment from various authorities to establish a comprehensive regulatory environment for the development of blockchain technology and the sustainable, stable growth of crypto assets. This makes Switzerland the ideal place to launch a new financial services paradigm. I’m excited to be part of a team of experts helping to usher in the crypto economy,” Andreas Amschwand SEBA’s chairman-designate explained.
As early as September last year, SEBA has been working on building the banking infrastructure so necessary for straddling the two extremes in digital currencies currently- regulated native currencies such as the Swiss Franc, or the international-peg United States Dollar and digital finance.
As part of the overall plunge towards the cross-platform adoption of cryptocurrencies, SEBA also hosted its own Initial Coin Offering or ICO and earn additional funds to the tune of $206 million. This will be used for purposes of expansion of the services of this organization towards financial hubs expansion later in 2019. The company is currently focused on the Swiss capital Zurich to nurture it as the crypto-capital of the world.
SEBA’s positive move towards obtaining a license to operate crypto services – trading and investment is just the push required in the right direction. In the short term, it is seeking to include custodial services, if and when the government approves the inclusion of the latter service.