Swiss Cryptobank hopes to attract money from new investors, including financial institutions, family offices and individuals. The bank’s crypto services include asset management, trading, custody, and financing.
For fresh updates on cyptocurrency, biotech or fintech, Born2Invest offers an app that aggregates business news from the most trusted sources.
Swiss crypto bank seeks nearly $100 million in fresh capital
SEBA, a young Swiss digital asset bank with a regulatory license, is seeking to raise more than $95 million in additional funds. The SEBA crypto bank aims to get $103 million (CHF 100 million) “from new investors, including financial institutions, family offices, and individuals,” reported Financial News London.
The crypto friendly startup SEBA Bank AG, announced its launch on November 12th, 2019, after the Swiss Financial Market Supervisory Authority (FINMA) approved the team to operate in the world of securities and banking.
The crypto bank raised significant capital in its first round of fundraising, attracting more than $103 million, according to the Seba CEO Guido Bühler in a press release dated November 12th. Bühler said that: “We are proud to have founded a bank in 18 months, raising CHF 100 million in capital from investors.”
A new bill by Oklahoma Senator Nathan Dahm
Oklahoma Senator Nathan Dahm wrote a new bill for his state that seeks to build an innovative state-backed financial institution around blockchain technology, establishing a new classification of institutions. Dated January 15th, 2020, the bill stated that the state-licensed financial institution will be “the central depository of the virtual currency used by government agencies in this state.”
Adding more details, the text explained that the movement will essentially prevent regulatory suffocation, allowing innovation to grow while protecting citizens. The document noted: “The purpose of this new state-licensed financial institution will be to provide valuable financial and technical services to innovators and developers of blockchain and virtual currency.”
Victims of pyramid schemes seek reimbursement from the Ugandan government
More than 5,000 victims of the Dunamiscoins cryptocurrency scheme have applied to the Ugandan Parliament to seek reimbursement of money they lost in the scam. Arthur Asiimwe, the leader of the petitioner group that submitted the application to Speaker of Parliament Rebecca Kadaga, claimed that the government has granted a license to the alleged scamming company, according to an official announcement by the Ugandan Parliament on January 16th.
First seen in early December 2019, Dunamiscoins is allegedly involved in defrauding more than 10,000 people, resulting in losses of around $2.7 million. The apparent scam company reportedly closed its offices only one month after opening, stealing money from its investors and employees after previously promising a 40% cash return on investments.
Asiimwe stressed that the Ugandan government must be held accountable for the Dunamiscoins incident. “The government authorized this company and gave it the go-ahead to work as a non-deposit-taking financial institution. It performed its functions as a micro-finance company. They gave unrealistic bonuses.”.
Canadian regulatory group targets cryptocurrency trade
Canada’s leading financial supervisory body has highlighted that cryptocurrency will be subject to the securities law if it acts as custodians of users’ digital assets. The Canadian Securities Administrators (CSA) said that the common exchange practice of guarding users’ assets could subject them to securities legislation: “simply by providing users with a contractual right or claiming an underlying cryptocurrency asset”. “Whether, and to what extent a cryptocurrency asset has been immediately handed over to a Platform user, is an important component in assessing whether and to what extent the transaction and the Platform are subject to securities legislation,” says the joint statement.
The CSA is a group of provincial security regulators in Canada, who do not have a federal equivalent such as the U.S. Securities and Exchange Commission. The CSA said that non-delivery transactions constitute derivative sales. Even if the asset under custody is generally recognized as a commodity, such as Bitcoin, it could be classified as a sale of debt or an investment contract, a transaction that is governed by the country’s securities law.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in CRIPTO TENDENCIA, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Blockchain technology can help the energy industry be more efficient
BlockApps has entered into a partnership agreement with the consulting firm Optimum to develop block solutions for tracking how energy...
Cannabis oversupply prompts stores to offer huge discounts
The surplus on the Oregon cannabis market is so high that existing stocks may last up to 6,5 years. As...
Pub owners in Germany resort to crowdfunding to cope with the pandemic
The Coronavirus has paralyzed the social life. Those who suffer particularly are those who benefit financially from social activities. These...
Africa’s economy on the edge of plunging into a new crisis
Beyond the health crisis, the economic crisis is already looming in Africa. Regional financial institutions are deploying measures to respond...
The fintech sector is benefiting from the current situation
The fintech sector is one of the areas to benefit from the current crisis. The use of fintech applications has...
- Featured6 days ago
Why should banks and FinTech operators ally?
- Business7 days ago
Half Life: Alyx has thrust VR into the spotlight, XRApplied will bring it into the mainstream
- Business7 days ago
Draganfly, Inc. (DFLY) is fighting the coronavirus with a “pandemic drone” straight out of science fiction
- Crypto7 days ago
How can BTC protect us from the threat of hyperinflation?