Switzerland gets another ‘Bitcoin bank’ that holds cryptocurrency for customers

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Switzerland gets another ‘Bitcoin bank’ that holds cryptocurrency for customers

A Swiss bank set up to handle both traditional financial products and new digital currencies has been given the go-ahead by the country’s regulators.

SEBA, the Swiss-based Cryptocurrency bank, is now officially operational, The Block reports.

The bank reportedly shared a statement with The Block yesterday that said its Swiss clients can now open accounts with the bank. This goes for corporate businesses, asset managers, and professional private investors.

Launched earlier this year, the bank received its banking license from the Swiss Financial Market Supervisory Authority (FINMA) in August.

SEBA says it’s trying to bridge the gap between traditional and digital assets, whilst maintaining high levels of security. At the moment, the bank supports five cryptocurrencies: Bitcoin, BTC Ethereum, Stellar, Litecoin, and Ethereum Classic.

Customers will be able to manage their asset accounts through an app and online banking. According to the statement, users will be able to convert cryptocurrencies into traditional currencies and back again all within these online services.

According to SEBA’s road map, the next phase is to roll out its offering to international customers, before expanding its product offering. However, there are no dates attached to this timeline so there’s no knowing how long either of those developments will take.

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