SEBA is the First Regulated Crypto Bank and is Flooded with Crypto Money
A cryptocurrency is a digital and virtual currency that uses cryptography to secure transactions. It depends on a decentralized system rather than a central issuing or regulating authority to issue new units and record transactions. Cryptocurrency received its name because it uses encryption to verify transactions.
Cryptocurrency transactions are digital entries to an online database describing specific transactions. It is a form of a digital transaction system that does not require any centralized body or authority to verify the transaction. It is like a one-to-one system called a blockchain that enables anyone to send and receive payments anywhere. When a person makes a crypto transaction, it is recorded in a public ledger, and the currency is stored in digital wallets.
Some famous cryptocurrencies are Ether, Litecoin, Bitcoin, and Monero.
SEBA Bank- first to regulate cryptocurrency
When the cryptocurrency was newly launched, most financial bodies and organizations considered it a threat to disrupt financial markets and harm potential investors, which can have severe consequences in the long-term economic uncertainties. And many countries, being skeptical about it, put a strict ban on it. Where few organizations saw the productive potential in cryptocurrency and adapted to it, most such organizations were startups, as well-established companies do not want to risk their financial stability.
SEBA Bank was founded in 2018 by Guido Bühler, Sébastien Mérillat, and Guido Rudolphi in Zug, Switzerland. Zug is a small city about half an hour’s train ride from Zurich, in the heart of Switzerland. This place is known for securing Switzerland’s cultural heritage and art and is one of the top-rated tourist places. Therefore, SEBA’s building is not any skyscraper building; its architecture is based on Switzerland’s heritage. The main reason why SEBA opted is that in 2016 Zug was the first city in the world to accept Bitcoin for taxation; However, it was a small city, and it functioned as a bridge to reduce gaps between the traditional economy and the digital economy, and now it is known as Crypto Valley. It was the first financial institution in the world to adapt if functions primarily on digital currencies.
Päivi Rekonen is the Chairman of SEBA bank; she is brilliant and has extensive banking experience. She was among the first pioneers to acknowledge the potential of blockchain technology, digital currencies, and assets like NFTs (non-fungible tokens), DiFi(decentralized finance), and cryptocurrencies to reshape global financial systems.
To make SEBA the first bank to regulate digital assets, it received a banking and security dealer license from the Swiss Financial Market Authority FINMA in 2019. Last year, as a home of crypto startups, made ten legislative amendments in Switzerland. It updated laws to ease rules for regulated entities in custody and compliance with anti-money laundering (AML), securitization, and Know-your-customer(KYC). All these, combined with licenses by FINMA, provide legal incentives for institutional investors in the crypto market.
These laws and legislation have helped to strengthen the confidence of local people to secure investments in the crypto market. However, according to Rekonen, the typical person does not understand crypto, hosting, infrastructure, encryption layers, protocols, and many other technicalities. Therefore, to eliminate investment anxieties in crypto, she advises joining a trusted crypto partner with a Swiss banking license.
SEBA currently holds 14 cryptocurrencies and eight fiat currencies – AAVE, INK, YFI, UNI, SNX, BCH, USDC, XLM, ADA, XTZ, LTC, DOT, ETH, and BTC. It further owns Seba digital Gold tokens, backed by swiss physical gold. It offers a customized deal out of its digital assets according to the requirement of corporate clients and individuals. It also provides a variety of index trackers like Sebax Exchange Traded Products (ETPs) to evaluate the progress of any particular digital currency.
Cryptocurrencies and digital assets have more potential to generate income than traditional investments, especially in countries like Switzerland, which have very low or negative interest rates. SEBA caters to this segment through the Seba Earn platform. According to Rekonen, Crypto has much more potential than what has been discovered yet, and SEBA is constantly improving itself and will soon launch more DiFis. Seba seems to be intensively flourishing because of its unique digital offerings and securing customers’ interests. It recently opened its new branch in Abu Dhabi as an international expansion.
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