A Swiss crypto bank is expanding into nine new markets. The company holds a banking and securities dealer license, its services include crypto custody, trading and asset management. The bank has launched its investment business including a cryptocurrency index.
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SEBA Bank AG, formerly SEBA Crypto AG, is a crypto bank that is headquartered in Zug, Switzerland, in the famous “Crypto Valley”. The bank became fully operational and started onboarding Swiss clients after obtaining a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA).
The bank has announced that it would extend its service to customers in certain foreign countries in December. A bank spokesman told that the selected jurisdictions are as follows: United Kingdom, Italy, Germany, France, Austria, Portugal, Netherlands, Singapore, and Hong Kong.
A bridge between crypto and traditional banking worlds
SEBA Bank aims to create a bridge between the traditional banking world and the crypto world. Its services include custody storage, trading and liquidity management, asset and wealth management, banking and tokenization.
These services are aimed at professional investors, banks, asset managers and blockchain companies. The spokesperson also clarified that the bank accepts BTC, ETH, ETC, LTC, XLM and NEO for its custody services.
Investment solutions and crypto index
The bank launched its investment activity with its crypto assets index called SEBA Crypto Asset Select (SEBAX). SEBA Bank has chosen MV Index Solutions GmbH (MVIS) to manage the index and act as administrator. GENTWO Digital was also asked to implement the specific restructuring requirements of the first investment solution.
“SEBAX is a dynamic, risk optimized index with broad exposure to the cryptographic asset market, ” the bank said.
Its objective “is to provide an index for the most secure, reliable and tradable crypto assets,” MVIS said. According to its fact sheet, the index was established on July 2 and is currently including five components that are rebalanced monthly. It is calculated daily with prices converted into USD. A maximum of eight crypto assets ranked by market capitalization are selected for inclusion in the index.
MVIS has concluded a contract with Cryptocompare Data Ltd. to maintain and calculate the index. In November, the index components are 48.46% BTC, 26.70% ETH, 18.28% LTC, 3.43% XLM and 3.13% ETC.
Crypto assets must meet specific criteria to be eligible for the index. They should also be among the top 30 crypto companies in terms of market capitalization. MVIS specifies that stable coins and private tokens are excluded together with cryptos that do not fall within the listed MVIS eligibility rules.
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First published in thecointribune, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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