Only two crypto banks in Switzerland have been issued a license during the last year. One of those banks is SEBA. SEBA has had a turbulent year, but at the close of the year the bank announced that both existing shareholders and new investors are funding the crypto bank amounting to CHF20 million (Swiss Franc) and SEBA is now talking about expanding into Europe, Abu Dhabi and Singapore as well as serving the US institutional investors
In recent months SEBA has had its board and management team adjusted as prominent staff members left the digital asset bank. The bank now plans to create digital versions of shares to list on the digital exchanges in 2021.
Swiss Crypto expansion
Conventional banks worldwide are beginning to take the step into digital assets, often relying on Swiss expertise. The Spanish bank BBVA announced that in 2021, bitcoin custody and trading services would become available at its Swiss branch. The British multinational banking and financial services company, Standard Chartered PLC that has a stake in the Swiss cryptocurrency custody company Metaco has launched its Zodia Storage solution with Northern Trust.
The Russian Bank Gazprom and the middle-eastern Arab Bank launched Crypto services in Swiss branches in 2020 as did several Swiss banks such as InCore Bank AG. Swiss crypto services offered by the banking software companies Avaloq, Bitcoin Suisse (crypto-financial services provider), Metaco and the financial services company Taurus Group SA are experiencing favourable circumstances on entering this market at ground zero.
The Swiss crypto banking system is booming, but investors and traders are concerned that as the banks worldwide adopt blockchain, the established financial industry will be looking to castrate the cryptocurrency sector. The fear is that they will preserve their monopoly whilst masquerading as champions against financial crimes, and protectors of the public.
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