Institutional Investors • September 27, 2018, 9:21AM EDT

Swiss startup raises $100 million to build cryptocurrency bank

Read the non-AMP story on Theblock.co
The Block

Former UBS bankers successfully raised 104 million Swiss francs (~$100 million) to establish a regulated cryptocurrency bank called SEBA Crypto AG. SEBA will use the investment to develop traditional banking services as well as trading, asset management, and custody services for institutions. Before offering any of their financial services, SEBA must receive a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA), which, according to a report from Reuters, is already in process.  (Source: CoinDesk)