A group of Swiss executives, investors and former bankers from the UBS Group AG reported that they have raised $104 million, through the company Seba Crypto AG, to finance their project and become a regulated cryptocurrency bank that allows users to exchange their Euros or US Dollar for cryptocurrencies. They also aim to extend traditional services to startups that operate in the crypto and blockchain ecosystem.

The company has been in talks since April with the Swiss Financial Market Supervisory Authority (local regulator), better known as Finma. The formal application for the license is expected to be introduced in October, according to Reuters.

The project’s purpose is to channel and attract investments to cryptocurrencies-based companies, manage the cryptocurrency trading and investments for banks, as well as to offer advice on Initial Coin Offerings (ICOs), financing and other services for both traditional corporate clients and crypto-related startups.

Former Swiss bankers invested in a project for establishing a cryptocurrency bank

Andreas Amschwand, the former executive of UBS and president of Seba Crypto AG, emphasizes that the cryptocurrency bank’s vision is to foster a rapprochement between established corporations, new ventures and new financial institutions focused on the emerging cryptocurrencies market.

“In Switzerland, we have the commitment of several authorities to establish a comprehensive regulatory environment for the development of blockchain technology and the sustainable and stable growth of cryptocurrencies. This makes Switzerland the ideal place to launch a new financial services paradigm, explained Andreas Amschwand, Chairman at Seba Crypto AG.

Major investors in the cryptocurrency bank initiative include Switzerland-based BlackRiver Asset Management and Hong Kong-based Summer Capital, as well as other local sponsors, as well as Singapore, Malaysia, China, and Hong Kong crypto-involved firms. The bank would operate in the Zug crypto valley, the home to multiple companies related to crypto and blockchain technology. The place is destined to become the Silicon Valley of cryptocurrencies and finance in Europe.