UBS Ex-Bankers Raise $104 Million for Crypto Bank

September 28, 2018

Switzerland-based crypto startup launched by the UBS bankers has raised 100 million Swiss francs (about #104 million) in a single campaign with the view to develop their own regulated bank of digital currencies.

The project called SЕВА Crypto AG is located in Zug. On September 20 fund raising round was successfully finished and involved foreign investors as well as a number of big companies like Summer Сарital.

The startup is going to create conventional banking services that are to be presented later for the companies focused primarily on digital currency industry.

In addition, the SEBA is also known to have applied for banking and dealer permission to the Swiss Financial Market Supervisory Authority (FINMA). This license allows to provide services for individual and corporate clients.

The authority has already started considering the team’s application. If the license provided, the company will be delivering both online and physical banking services.

Noteworthy is that the SЕВА is not the only on expecting for banking permission. The payment platform Circle has also applied for the US federal license to provide crypto broker and trading services in the 50 states.

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