2. Seba Crypto: in Pole Position
Seba Crypto’s strategy is geared fully towards being a bank. The intentions of the group of businessmen led by CEO Guido Buehler was bolstered by investors agreeing to grant the fledgling company 100 million Swiss francs ($100 million) in capital – with Julius Baer one of the prominent backers. But its claim to build a bridge between the conventional and digital asset world is far from unique in the fintech world.
Banks such as Vontobel and Falcon Private Bank both have promised to do the same. The business promised by Seba is fairly similar to the one provided by a bank – with the crucial difference that its essential good is digital: custody and storage, trading and liquidity management, corporate finance for crypto firms and investment management with crypto assets.
3. Sygnum: Star Names
Seba’s biggest rival in the race for the first crypto banking license is Sygnum. The startup is also a player that aims very high, with regulatory approval sought both in Singapore and Switzerland.
The list of names supporting its bid is fairly impressive: Philipp Hildebrand, the former president of the Swiss central bank, Peter Wuffli, ex-UBS chairman (with his son Beat Wuffli alongside), ex-Swiss Life CFO Thomas Buess, MME partner Luka Mueller, Chua Kim Leng, a former member of MAS, the Singapore regulator, and Ang Hong Hua, of GIC state fund.
Investors include Swisscom, the Swiss telecommunications giant, and Singtel Innov8, the Singapore-based venture fund. Sygnum has not sought the spotlights and its progress remains largely unknown. The services however look similar to the ones offered by rival Seba. Experts expect Sygnum to beat Seba Crypto to the banking license.
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