Switzerland: Financial Services Firm Raises more than $100 Million to launch Crypto Bank

An amount of around $104 million was raised by a financial services company based in Zug, Switzerland, for the purposes of creating a bank that lets customers trade fiat currencies for digital currencies.

The cash was raised from a mixture of institutional and retail investors by Seba Crypto AG, according to Bloomberg.

The company has been talking to the Swiss financial authority known as Finna about submitting an application for a license by the end of October, according to one of the persons behind the venture.

The company hopes to secure the license by mid-2019. Two former UBS managers; Guido Buehler and Andreas Amschwand are heading the start-up. They serve as CEO and chairman, respectively.

Switzerland ranked second, after America, in money generated from ICOs, according to the Financial Times. The European nation is well known for its open-minded approach to digital currencies and blockchain trading.

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