The Swiss virtual currency project Seba Crypto, managed by two former UBS bankers, Guido Buehler and Andreas Amschwand, has raised 100 million Swiss francs ($103 million) for creating a digital bank, Reuters reported on Thursday. The financial institution is still not operational as it needs a bank license.
Black River Asset Management and Summer Capital led the investment round with some of the money to be used for creating the entity while the rest of the funding will go for guaranteeing the bank’s capitalization and liquidity.
Buehler, the chief executive officer (CEO) of Seba Crypto, said that the company is in talks with the Swiss Financial Market Supervisory Authority (FINMA) and will submit the final application by the end of next month. The regulator confirmed...
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