Top banking executives have joined together with Swiss startup firm SEBA Crypto AG to create the first cryptocurrency bank. The cryptocurrency bank will offer crypto related finance activities to individuals and larger organisations.
A total of $103 million has already been raised, with the confidence given that top level bank executives from UBS and Credit Suisse are part of the cryptocurrency bank. The CEO appointed is Guido Bühler, and the chairman is Andreas Amschwand.
Bühler spoke to Reuters about the first cryptocurrency bank-
“With safety, transparency and performance as core values, our ambition is to become a market leader in the convergence of traditional finance with the crypto economy.”
Amschwant explained in a statement-
In Switzerland, we have the commitment from various authorities to establish a comprehensive regulatory environment for the development of blockchain technology and the sustainable, stable, growth of crypto assets.
The first cryptocurrency bank will be headquartered in Zug, Switzerland better known as the ‘Cryptocurrency Valley’ named after Silicon Valley in California for IT companies. It has plans of expanding throughout the world, with the next base in Zurich, Switzerland by 2019.
It is reported that investors of the bank include Swiss company BlackRiver Asset Management and Hong Kong based Summer Capital.
Certain other Swiss banks already provide cryptocurrency services such as Maerki Baumann Private Bank which accepts cryptocurrency payments for services along with offering consultation to cryptocurrency activities.
Twitter user James McDowall tweeted a picture of Falcon Private Bank in Zurich with details of a Bitcoin ATM placed inside.
People around the world have shown their interest in their respective countries to follow Switzerland in creating a bank for linking cryptocurrencies to the traditional banking sector.
As Reddit user ‘Rumblestillskin’ posted–
We need something like this in Canada. a link between the crypto world and the traditional financial world. eg RRSP, access to TSX, interac payments