Switzerland Grants SEBA Bank License For Liquid Crypto Funds

SEBA, a Switzerland-based bank now has the permission to use digital assets in Swiss domiciled mutual funds by FINMA. It is a landmark because of Switzerland’s first-ever crypto access grant.

SEBA Bank License For Liquid Crypto Funds

This new license is effective in establishing an easy-to-use bridge between digital and traditional assets.  The bank will grow by extending its digital custody-based services to Swiss-domiciled mutual funds in the digital asset space.

This is the first time FINMA has given out such a license to a firm focused on digital assets. It will now act as a custodian bank. This is not only monumental for Switzerland but also for the crypto markets. It will accelerate the liquid investment funds with crypto. 

Guido Buehler, CEO of SEBA Bank, iterates, “Two years ago SEBA Bank received a Swiss banking and securities firm license and is now enjoying excellent business momentum as institutional adoption of crypto & digital assets accelerate globally. With our new CISA license, SEBA Bank continues its pioneering role in the institutional digital asset space. Asset Managers can now offer strategies based on crypto or other digital assets to a broader audience utilizing Swiss-based mutual fund structures secured by SEBA Bank as the CISA-licensed custodian.”

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International Aspect

The cryptocurrency market has been through dips due to US regulations and China’s crackdown. Under such circumstances. Thereafter, this news from Switzerland is one to rejoice for the digital asset trade space.

Buehler reckons that crypto should take up an equal chunk of financial portfolios as gold by 2022. 

Attaining this license was anything but easy. Thereafter, SEBA had to work with an asset manager, the Crypto Broker of Switzerland, part of Crypto Finance AG.

Currently, their cold storage vault is under development. Thereafter, the Switzerland-based custody tech partners Fireblock and Taurus are actively involved. 

“Institutional adoption is only at the beginning since a lot of institutional capabilities are still lagging the market demand,” Buehler added.

Final Thoughts 

The license offers custody services for Swiss-domiciled mutual funds to SEBA. This is important in accelerating the growth of the Swiss digital asset space. Moreover, it will speed up the digital assets investment evolution across Europe.