SEBA, a cryptocurrency bank based in Switzerland, has announced that it is now authorized to handle both traditional fiat currency as well as digital money like bitcoin (BTC) and Ethereum (ETH).
SEBA Offers Both Traditional Money and Crypto
Customers can open accounts with the bank as a means of storing both their traditional funds and their cryptocurrencies. Clients of SEBA typically rank as asset managers, private investors and corporate businesses.
Switzerland is one of the most prominent crypto countries in all of Europe. Aside from its loose crypto regulations, the country is also home to what’s affectionately known as “Crypto Valley,” a region that houses several hundred cryptocurrency or blockchain-based businesses and startups.
The area gets its name in part from Silicon Valley, housed in Northern California. While Silicon Valley is home to some of the world’s leading tech companies, i.e. Facebook, Google and Apple, Crypto Valley is devoted purely to enterprises that focus on blockchain and digital products.
Some of Switzerland’s openness towards cryptocurrency has rubbed off on its European neighbors like Malta, which is also known for its very easy-going crypto attitude and loose regulations. Recently, several companies stationed in various Asian countries (i.e. Binance) have called it quits with their originating continent due to its continued attempts to halt blockchain innovation. They have since picked up and moved their head offices to Malta, where they can potentially explore easier options for operation.
SEBA is a relatively new institution, having only earned its banking license from the Swiss Financial Market Supervisory Authority (FINMA) last August. At only three months old, however, the company is already making huge headway and is one of the only ventures in the world designed to handle both traditional fiat and crypto, though to be fair, other banks are trying similar measures.
One such example is the Royal Bank of Canada, which has recently opened a new crypto platform for business. While the company is not necessarily regulating crypto action and is still largely designed primarily for the housing of traditional assets and money, users can now trade crypto should they so desire.
Crypto and Fiat: One and the Same?
In a statement, the bank has explained that it’s looking to “bridge the gap” between crypto and standard fiat. It says that in many ways, both are one and the same. The primary difference is that one is mainly used for speculation, while the other is used to survive. However, both boast elements of each other that can potentially expand or enhance their respective properties.
In addition, the bank has also explained that it’s upping its security system to cover the crypto assets its likely to list in the future. At the time of writing, SEBA offers five cryptocurrencies that customers can trade, purchase and sell: bitcoin, Ethereum, stellar, Litecoin and Ethereum Classic.
