Swiss bank SEBA is in the process of increasing the number of cryptocurrencies available on its platform to a total of nine, following the addition of 3 more tokens to its offering. Recall that the bank's customers buy, store and exchange any of these cryptocurrencies for traditional fiat currencies.
SEBA Bank supports tokens of 3 Defi protocols
With the new tokens, SEBA Bank not only expands its offer, but also enters the world of decentralized finance (defi). The financial company, in fact, now believes that it supports "the tokens of the most important defi protocols available on the market".
According to the press release, the 3 new tokens belong to Synthetix, a Defi protocol that provides on-chain exposure to a wide variety of assets, including Yearn.finance (YFI) and Uniswap (UNI).
The innovative Swiss bank stressed that customers will be able to benefit from these new tokens in all services provided as investment, custody and trading solutions.
The startup's offering is supported by its research department, SEBA Research. This department provides insights, analysis and access to the new asset class, in accordance with the guidelines of the Swiss Bankers Association. “Digital assets are selected based on a process that combines quantitative metrics and rather in-depth qualitative analysis,” SEBA explained.
La Crypto Bank has committed to adding new currencies
According to its website, the bank is committed to continually adding new currencies. BTC, BCH, ETH, LTC, XLM and USDC are already on the list. With them there are also a number of traditional fiat currencies such as: CHF, USD, GBP, EUR, HKD, SGD, PLN and JPY. The platform provides rates and supports exchange pairs between these crypto and fiat currencies.
SEBA Bank, based in the canton of Zug, was founded in 2018 when it raised 100 million Swiss francs (around 110 million dollars) in a funding round in September. It was launched at the end of 2019 with a series of services aimed at creating a “continuous, secure and easy to use bridge between digital and traditional assets”.
The fintech startup obtained regulatory approval from the country's Financial Market Supervisory Authority (FINMA) in August of the same year. It has become one of the first "bitcoin banks" authorized to operate in Switzerland's Crypto Valley. It was born together with another provider of banking solutions for the cryptocurrency sector, Sygnum AG.
The license for banking operations and securities dealers allows SEBA to offer its clients - professionals, companies and financial institutions - opportunities to invest, own, trade and borrow with traditional and digital assets in a regulated environment. The bank also serves the growing blockchain sector in Switzerland, providing accounts and custody for fiat currencies and cryptocurrencies.
What do you think of SEBA Bank's decision to add support for the three defi tokens? Tell us in the comments section below.