SEBA Becomes the First Swiss Bank to Obtain Crypto Custody License

SEBA bank announced it had become the first Swiss bank to get a digital assets custody license. However, this license limits the bank to provide crypto custodian services for institutions only.

Switzerland Eyes Digital Banking

FINMA has permitted SEBA to be the pioneer in the regulated crypto era in Switzerland. However, the license has conditions that it is only valid for nation-native institutional-grade investment projects.

As per Guido Buehler, CEO of SEBA bank, his institution has been enjoying excellent business momentum since its licensing by FINMA in 2018. He also added that the new CISA license would help the bank to continue pioneering in digital banking solutions. Furthermore, he went ahead to clarify that his asset managers will now offer more investment opportunities. Also, they will provide fund structures for Swiss institutions.

SEBA Bank’s Crypto-Roadmap

SEBA was founded in mid-2018 with a dream to initiate digital banking in Switzerland. The institution then lived up to its vision and rose to prominence in pioneering regulated digital holdings.

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A year later, in August, SEBA attained a banking and securities license from FINMA. SEBA then launched their SEBA wallet application, e-banking service, and bank card to facilitate market trades. All of these digital banking tools supported the five major cryptos like ETH and BTC.

Regulated crypto adoption soon attracted the attention of Europe’s elite banking institutions. In mid-2020, France’s Central Bank selected SEBA as its partner in testing the feasibility of CBDCs in international remittances.

Earlier this year, SEBA expanded its digital assets services by adding support to AAVE tokens and Chainlink. Now, on the 29th of Sep 2021 in 2021, SEBA has license to have custody of institution-grade crypto projects. The bank also collaborates with Fireblocks and Swiss-based Taurus on a cold storage vault for their new services.

The Trend of Crypto-Adoption in Monetary Institutions

Recently, many countries and banking institutions have turned their attention to digital assets. Countries like the United States, South Korea, China, and Australia have sanctioned crypto-unfriendly regulation rules.

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However, some countries like Switzerland and Bhutan are doing it in a more friendly way. El Salvador has also set an example by adopting BTC as its legal tender. If this trend continues, total crypto adoption may happen sooner than expected.