Tag: Seba

SEBA Hong Kong Gains Preliminary Approval for Crypto-Related Services

by Blockchain News

SEBA Hong Kong, a subsidiary of Swiss-based SEBA Bank AG, has been granted an “Approval-in-Principle” (AIP) by Hong Kong’s Securities and Futures Commission (SFC). This preliminary approval positions SEBA Hong Kong to become one of the first licensed corporations in the city to offer crypto-related investment services.

Regulatory Green Light for Crypto Services

The AIP allows SEBA Hong Kong to proceed with its license application for conducting regulated activities in the city. The scope of the license includes dealing in securities and virtual assets-related products such as OTC derivatives and structured products. Additionally, the firm is authorized to advise on securities and virtual assets and manage discretionary accounts in both traditional and digital assets.

“The AIP marks a significant leap forward in SEBA group’s mission to secure the future of the global crypto economy and, in turn, validates SEBA Hong Kong’s position in the market as a trusted and regulated partner,” said Franz Bergmueller, Group CEO of SEBA Bank.

A Strategic Move in Asia Pacific

The AIP is a crucial step in SEBA Hong Kong’s broader Asia Pacific strategy. The firm aims to offer wealth management, investment, and advisory services with the security and customer experience that accompanies a regulated institution. “This AIP signifies that all our efforts are heading in the right direction,” commented Amy Yu, CEO APAC of SEBA Hong Kong.

Aligning with Global Regulatory Standards

SEBA Bank already holds licenses from Swiss regulatory body FINMA and Abu Dhabi’s Financial Services Regulatory Authority (FSRA). The Hong Kong AIP “significantly extends our global regulatory footprint,” Bergmueller noted.

Market Implications

The move is indicative of Hong Kong’s growing role in the global crypto economy and sets a precedent for regulatory standards in the digital asset space. “We see enormous potential in Hong Kong’s journey to becoming a global crypto market leader,” said Yu.

 SFC’s Comprehensive Virtual Asset Framework

The SFC has been a pioneer among major jurisdictions in establishing a comprehensive regulatory framework for virtual assets, commonly referred to as cryptocurrencies. Under the guiding principle of “same business, same risks, same rules,” the SFC aims to regulate various virtual asset-related activities. These include the operation of virtual asset trading platforms, fund management, and advising or dealing in virtual assets. The regulatory body’s approach aims to balance investor protection, market integrity, and risk management for financial institutions.

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SEBA Bank Floats Ethereum Staking Service for Institutional Investors

by Blockchain News

Swiss-based digital bank SEBA has announced the launch of its Ethereum staking service, tailored to fit the needs of institutional investors.

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The staking service, according to the bank was in response to the demand from its clients, as many aims to gain exposure to the Ethereum protocol, especially now that it is making a transition into the Proof-of-Stake (PoS) consensus model.

SEBA said the staking service will be highly regulated and will come with a trusted custody service. The staking service will general rewards that can be paid put on a weekly basis, offering a new layer of flexibility, access, and comfort for investors who pitch tents with it.

 

“The Ethereum merge is an anticipated and significant milestone for the world’s second-largest cryptocurrency, delivering improvements for its users across the areas of security, scalability, and sustainability,” said Mathias Schütz, Head of Technology and Client Solutions at SEBA Bank.

 

According to Mathias, “the launch of our Ethereum staking services will enable institutional investors to play a key role in securing the future of the network, via a trusted, secure and fully regulated counterparty. Our institutional grade staking services offer a comprehensive and fully integrated platform for earning rewards from investments across a range of leading PoS crypto networks. By launching support for Ethereum staking we continue to deliver our clients the cutting-edge technology that they need to stay apace with the rapidly evolving digital assets industry.”

 

Over the years, Bitcoin has gained increasingly massive traction amongst institutional investors as an investment asset and a viable hedge against inflation. With Ethereum switching from the Proof-of-Work (PoW) network, investors may start prioritizing it in the near future as a worthy substitute for Bitcoin.

 

In anticipation of the PoS version of Ethereum through The Merge event, a number of mainstream players in the cryptocurrency sector have pledged support for the new chain with outfits like Coinbase promising staking services will be activated.

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Seba Bank raises $119M in Series C funding

by Cointelegraph

Seba Bank, a Swiss-based digital assets banking platform regulated by the Swiss Financial Market Supervisory Authority, announced on Wednesday that it had completed a successful Series C funding round of 110 million Swiss franc, or $119 million U.S. dollars. Notable investors in the round included cryptocurrency exchange FTX, quantitative digital currency trading firm Alameda Research, decentralized finance asset management firm DeFi Technologies, and venture capital entities such as Altive, Ordway Selections and Summer Capital.

The bank said it plans to use the funds to fuel international growth and drive demand from institutional investors in the digital assets industry. Seba has been at the forefront of crypto innovation in Switzerland. In September 2021, the firm was granted the first Swiss digital asset custody license. One month later, it launched a program for users to earn yields on their DOT, XTZ and ADA holdings. In December 2021, the bank launched its own regulated gold token exchangeable with physical gold on-demand, which could potentially be used as a gold-standard digital currency. Seba Bank to professional investors and institutional clients in 2019.

Jonathan Ordway Fackelmayer, Chairman of Ordway Selections, issued the following statement regarding the development: 

“We are delighted to be part of the lead-investor consortium alongside Altive and Summer Capital. They both hold a deep knowledge of financial services and technology applications. Our consortium believes SEBA Bank is uniquely positioned to respond to the needs of the ever-growing and demanding pool of cryptocurrency investors worldwide.”