Prominent bankers and investors are launching the first Swiss crypto bank yet. The firm, which has hoovered up $100 million in short order, aims to be the missing puzzle piece between crypto and traditional banking.

A crypto bank called Seba Crypto is poised to launch, according to a statement. The firm wants to build a bridge for crypto firms and investors to include digital assets in the traditional, regulated world of finance – and the other way around. 

To do so, Seba Crypto is applying for a banking license from Swiss regulator Finma – a first for Switzerland's financial center. The project has already clinched 100 million Swiss francs ($103.5 million) from private and institutional investors in the past three months.

Prominent Backers

The names linked to Seba are prominent: Guy Schwarzenbach, the son of foreign exchange billionaire Urs Schwarzenbach; Joseph Chee, a former UBS investment banker in Hong Kong; and Jack Chung of venture capital firm Summer Capital are among its backers.

Seba's management is equally high-profile: former UBS forex boss Andreas Amschwand is the chairman, while other directors include Schwarzenbach; entrepreneuer and investor Sebastian Mérillat; former Finma top executive Urs Zulauf; and Reto Kunz, the former risk boss of now-defunct Banca della Svizzera Italiana, or BSI.

Strong Market Interest

Ex-UBS banker Guido Buehler is the CEO and driving force behind Seba. «For us to have been able to collect 100 million Swiss francs in a relatively short period of time, including from institutional investors, is a strong indication of the market interest and trust in our project,» Buehler told finews.com.

Seba's management under Buehler includes ex-Credit Suisse banker Philipp Baretta; Urs Bernegger, a former executive at UBS and Vontobel; and Guido Rudolphi, one of Switzerland's top cybersecurity experts.