Switzerland's Latest Bitcoin Bank for Entrepreneurs

The Swiss, when it comes to money, they know how to handle it. And once again we’re seeing them take the lead with cryptocurrencies. Up until now, almost all businesses around the world that wanted to accept Bitcoin and other cryptocurrencies from customers -- were having a difficult time with their banking needs.

Date: 
November 18, 2019
Read time: 
2 minutes

Switzerland's Latest Bitcoin Bank for Entrepreneurs

Date: 
November 18, 2019
Read time: 
2 minutes

The Swiss, when it comes to money, they know how to handle it. And once again we’re seeing them take the lead with cryptocurrencies. Up until now, almost all businesses around the world that wanted to accept Bitcoin and other cryptocurrencies from customers -- were having a difficult time with their banking needs.

The Swiss, when it comes to money, they know how to handle it. And once again we’re seeing them take the lead with cryptocurrencies. Up until now, almost all businesses around the world that wanted to accept Bitcoin and other cryptocurrencies from customers -- were having a difficult time with their banking needs.

Overall it’s another win for adoption as SEBA’s offerings open a few opportunities for crypto companies that can’t quite get a foothold in the traditional banking system.

Bloomberg summed it up nicely in this article:

“Entrepreneurs in the digital-assets industry from New York to Hong Kong say that even as some attract investment from multibillion-dollar institutions like Singapore’s sovereign wealth fund, they are routinely refused basic banking services by the likes of HSBC Holdings Plc and JPMorgan Chase & Co.”

Now there’s great news on the horizon.

SEBA is a new cryptocurrency bank just opened in Switzerland. Swiss clients can now open accounts -- no matter if they accept, transact, and use cryptocurrencies in any form. These Swiss clients can be corporate businesses, asset managers, and professional private investors of all types.

How is this possible? Well, the Swiss Financial Market Supervisory Authority (FINMA) began allowing “companies other than banks can formally request authority to accept public funds of up to $100 million as part of their business operations.”

SEBA applied for an acquired one such license. Their goal is filling the gap between traditional and digital assets -- especially when giving high levels of security. At the moment, SEBA allows and supports five cryptocurrencies: Bitcoin, Ethereum, Stellar, Litecoin, and Ethereum Classic.

They even have a handy app and online banking which allows their Swiss customers to manage their asset accounts. These customers will be able to use these online services to convert these fice cryptocurrencies into traditional currencies and back again.

If you’re not Swiss, don’t fret, SEBA will begin offering these banking type services to international customers -- though there are no dates attached to this promise

Overall it’s another win for adoption as SEBA’s offerings open a few opportunities for crypto companies that can’t quite get a foothold in the traditional banking system.

And SEBA is not alone. Back in September a competing bank --Sygnum AG -- received a license from FINMA.

It’s all shaping up quite nicely for consumers and investors and businesses alike. Stay tuned for more!

Posted by R.R. Hauxley

R.R. Hauxley traveled around the world ... 1 year on 1 Bitcoin. 20 countries, 12 months, 1 Bitcoin. He wrote a book about it: Stolen Wallets and Where to Buy Them. Along the way he met and interviewed the sharpest, brightest minds in crypto today: Vitalik Buterin, Charlie Lee, and more. Today Rafael educates the crypto curious and delves further into the incredible world of blockchain.

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