$100 Millions Raised By SEBA To Launch A CryptoBank In Switzerland

While cryptocurrencies are the hot topic right now between investors and normal users, in the financial world, cryptocurrencies still have to make a dent into big projects that seek to include the majority of users. And by the look of it, it seems that this adoption will not come alone, but by the integration of actual financial institutions with cryptocurrency products. There is a great rift between cryptocurrency products and bank institutions, due to different reasons.
So there is a great opportunity for entrepreneurs who aim to fill the gap and integrate these two different industries in a single solution. SEBA Crypto AG, a Sweden cryptocurrency investment group saw that need and has raised more than $100 million dollars to fund a one-stop institution for all banking needs. The Sweden regulations must approve this initiative before it comes to fruition, but SEBA is confident that this application will be accepted.
Normally, bank institutions steer away from cryptocurrency product due to their volatility and the high risk that some products (like ICOs) have, and also because if the anonymity of some of these instruments. Likewise, cryptocurrency startups and exchanges have always had a rough time moving their funds across banks because of the identity policies of this kind of institutions. In many countries banks have closed or suspended bank accounts to exchanges, like in Chile, so this idea could be of great importance and could set a precedent for other countries to follow.
Besides Binance announcement of backing a crypto bank in Malta some months ago, there has not been much development in this field, that would let people combine the novelty of cryptocurrencies and the convenience of the support from a financial authority. This could do wonders to bring crypto to the mainstream and debunk the belief that cryptocurrencies are made for criminal purposes, money laundering or terrorism funding.

Related posts
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTETFNewsxbtusd

Bitcoin May Never Go Below $50k Once An ETF Is Approved, Declares On-Chain Analyst

Bitcoin may never drop below $50k asserts on-chain analyst Ki-Young Ju. But as usual, there are conditions that follow this possibility. In a tweet, Ju analyzed that Bitcoin could follow the same path that gold took in 2004 when the first…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsxbtusd

Quarterback Star Tom Brady Breaks Internet After Showing Interest In Bitcoin

Tom Brady, the American athlete who is widely regarded as the “greatest” quarterback in NFL history is the latest celebrity to show interest in the world’s most valued cryptocurrency Bitcoin. Brady who has a massive Twitter following of 1.9 million…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsxbtusd

Almost $200 Billion Worth Of Bitcoin Is Currently At Risk – Report Warns

A recently published 2021 crypto report by Opimas LLC, a finance-based management consultancy firm, has revealed that approximately 3,480,000 out of the world’s mined 18.5 million Bitcoin, stands vulnerable to attacks as a result of improper safekeeping. The 36-page report…