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UBS Bankers Jump Ship For Crypto Bank Venture

September 27, 2018

 

UBS is known as a global leader in investment banking. On the other hand, they are not exactly known as a Crypto supporter. Their internal opinions change just about as much as the cold and warm fronts seem to do, these days, if current press on the subject is taken into account. If you are not clear on the existing UBS saga in the space, do a quick Google search on UBS and Crypto.

 

Once you have done so, it is not hard to see why a group of their employees who support Crypto’s rise might have decided to jump ship, in order to dedicate themselves to what they are truly passionate about.

 

Now, as of about 6:00 UTC time today, it appears that their dream is swiftly becoming a reality.

 

Via a press release today, the group, which is now called SEBA Crypto AG or SEBA,  announced that it has raised about $104 million from well-known investors like BlackRiver Asset Management and Summer Capital.

 

Even more importantly, SEBA’s goal is now completely public.

 

In short, they want to become what would be the world’s first regulated and therefore, legal, Crypto bank.

 

Getting there, however, will not be easy.

 

In a general sense, the process will mainly involve securing a Swiss banking and securities dealer license, which is given out by FINMA. If you are not already aware, FINMA acts as Switzerland’s equivalent to the SEC, which includes having the authority to decide who is allowed to be a regulated financial institution and who is not.

 

Because this is true, it is also true that without FINMA, SEBA has no chance at leading the charge to a Crypto future in the way it envisions.

 

At this point, a logical question to raise is: what can a Crypto firm do to convince such an authority to agree to what is already seen as a volatile proposal?

 

Whatever the answer turns out to be, it cannot hurt that UBS is a perhaps the most well-known investment bank in Switzerland, especially given that its headquarters are located there.

 

Now, in the end, all that matters is whether SEBA’s founding team can use these backgrounds to convince FINMA that their endeavor is worthy of approval.

 

 

By: BGN Editorial Staff

 

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