SEBA has $103 Million to Launch a Crypto Bank
Zug-based Crypto start-up Seba Crypto AG (SEBA) has announced successfully raising $103 million to fund the development of a regulated cryptocurrency bank. The bank will facilitate trades in fiat for cryptocurrency on behalf of customers. They have the hopes of building a bridge between traditional financing and the crypto space.
The bank itself will manage cryptocurrency trading and investment providing institutional financing services. SEBA state on their website that they will be offering universal financing services such as transacting banking services for accounts denominated in both crypto and fiat. This means clients will be able sell Bitcoin from within the bank. Custodian services will be available with military-grade secure storage providing reassurance for clients. Clients will not be able to sell crypto instantly from within the custodian service, however.
Further to traditional financing services, SEBA will provide trading and liquidity management for the cryptocurrencies and fiat currencies. The bank will be able to manage clients’ assets and investment for crypto as well as equity products. Clients could request the bank to sell Bitcoin at a certain price or time.
SEBA are to provide fundraising advice for ICOs as well as token design and risk management. ICOs have received a lot of negative reviews so gaining backing from a regulated crypto bank is sure to increase endorsement of projects and encourage clients to sell crypto to fundraise and innovate.
SEBA has the ambition of becoming a market leader in the convergence of traditional finance and the cryptocurrency ecosystem. If they are granted a banking license from the Swiss Financial Market Supervisory Authority (FINMA) they may well achieve their goals.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards