Zurich-based SEBA AG Now Offers Crypto Services

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Switzerland’s banks have always been known to keep the wealth of their clients off-limits. The country itself has managed to remain neutral amidst political turbulence and didn’t play a part in both World Wars. Instead, it privately safeguards the wealth of its clients and is known as a mecca for offshore accounts.

Swiss banks always come up with innovative solutions that push the banking system to its limits. Now, one of the leading private banks in the country, SEBA AG, has become one of the earliest to offer crypto services. Although it’s not the first one of its kind, the bank is the first that openly trades cryptocurrencies such as Bitcoin and Ether.

Switzerland Enters a Brave New Crypto Era

In just a short time, SEBA managed to raise around over $100 million (100 million Francs), mostly due to angel investors including Guy Schwarzenbach. A libertarian who has his own Raspberry Pi-powered Lightning Network node, Schwarzenbach has said that he values SEBA’s new Bitcoin banking options. He also added that he appreciates the physical security benefits – after all, it’s much safer to store your valued Bitcoins in a bank rather than storing them online where they are vulnerable.

The pricing of the new SEBA app trades is pretty competitive due to the fact that it’s enabled by backend API integrations.  That’s another factor that intrigued Guy Schwarzenbach and the reason why he chose SEBA.

Guido Buhler, SEBA’s CEO, said that potential customers don’t even have to come to Switzerland to open up an account in the bank. “You can just call over the phone and the whole thing will be done in 15 minutes”, he stated. Many people simply don’t believe in banks, but as Buhler put it, there are things banks will always be required for. One such thing is the storage of your private key. Thanks to SEBA’s new crypto trading options, it will be safely tucked away so you don’t have to worry about it.

More than a few blockchain start-ups and rich individuals are already served by the bank which is a promising start. SEBA AG has the unique ability to hold a variety of currencies and trade BTC, ETH, and even Stellar lumens. It’s something the competition rarely offers and will surely attract high-profile investors.

Europe Changing its Stance on Bitcoin?

The news from Switzerland comes after a wave of positive news regarding Bitcoin and its legal status in Europe. Digital currencies are becoming more and more popular, and the Bank of England is now seriously examining the potential of adopting a Bitcoin-style currency along with other banks. It’s a step in the right direction for cryptocurrencies and comes amidst the emergence of private sector digital currencies including Facebook’s own Libra.

SEBA’s newfound crypto-trading options could open up the market for Bitcoin gambling and many new industries. Countries are finally starting to see the benefits of digital currencies and we think it won’t be long before a major breakthrough occurs.

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January 22, 2020: • No Comments

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