SEBA Bank Receives Switzerland's First Digital Asset Custody License

SEBA Bank AG is a fully regulated Swiss-based institution focused on offering digital cryptocurrency assets. The agency announced today that it has been granted a CISA license by the Swiss Financial Market Supervisory Authority (FINMA) to facilitate institutional-grade custody services for collective investment schemes in the country.

The announcement makes the bank the first digital asset-focused bank in Switzerland to receive a custody license, and indeed one of the digital asset-focused banks in the world to receive a custody license. The accreditation will allow the institution to offer professional clients more investment opportunities in the nascent cryptocurrency market.

Founded in mid-2018, the company advocated the concept of next-generation digital banking and quickly emerged as a pioneer in the field of regulated digital assets. A year later, in August 2019, the bank received its banking and securities firm license, bringing its SEBAwallet app, e-banking services and SEBA card to market, supporting five major cryptocurrencies including Bitcoin and Ethereum currency.

SEBA Bank CEO Guido Buehler shared his thoughts on the bank's recent success:

"SEBA Bank, which received its Swiss banking and securities firm license two years ago, is now enjoying good business momentum as institutional adoption of cryptocurrencies and digital assets accelerates globally."

Regulatory assurances quickly caught the attention of Europe's elite in a market often seen as volatile. In mid-2020, the Banque de France selected SEBA to participate in its experimental digital euro pilot project to explore the feasibility of a CBDC in cross-border payments.

Buehler also commented on the impact of obtaining a CISA license on European adoption:

"With our new CISA license, SEBA Bank continues to play a pioneering role in the institutional digital asset space. Asset managers can now leverage on SEBA Bank as a CISA-licensed custodian-guaranteed Swiss mutual fund structure, offering Strategies based on cryptocurrencies or other digital assets.”

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