By Hassan Mehmood (Saudi Arabia)
SEBA Bank of Switzerland has announced to add two more cryptocurrencies, including USDC stablecoin and Bitcoin Cash. After the addition of two new cryptocurrencies, the bank is now offering services for six cryptocurrencies, including Bitcoin, Ethereum, Stellar, Litecoin, USDC, and Bitcoin Cash.
On both newly-added digital assets, the users of the SEBA Bank can enjoy multiple facilities, including custody, trading, interest over USDC, and feature of fiat lending for BCH collateral. The bank has been expanding its crypto ecosystem by adding more cryptocurrencies since its adoption of the market in 2018. According to the official announcement:
“SEBA Bank, a FINMA licenced Swiss Bank providing a seamless, secure and easy-to-use bridge between digital and traditional assets, today announces to accept two new digital currencies to its digital ecosystem: Bitcoin Cash and the trusted stablecoin USDC.”
Support for Seven Cryptocurrencies
SEBA is already offering facilities to users on digital assets, including Bitcoin, Litecoin, Ethereum, and Stellar. The registered users of the SEBA Bank can access and use these digital assets via SEBA wallet, e-banking, FIX API, and SEBA trade.
SEBA is one of the first banks that are trying to create a perfect bridge between cryptocurrency or digital asset and fiat currency or traditional asset. To some extent, it has become successful as it also offering services for seven fiat currencies, including USD, EUR, CHF, SGD, HKD, and PLN, besides digital assets. To offer asset-based securities, the company engaged in a partnership with the blockchain platform Cordia. With the partnership, SEBA has become one of the first platforms to offer blockchain-powered tokens that account for tradable assets, such as bonds.
Bridge Between Digital and Traditional Financial Worlds
To merge both digital and traditional finance sectors, the bank has also partnered with the European subsidiary of TokenSoft for asset tokenization. According to the plan, the service will be activated by the end of 2020 for customers based in Switzerland. Currently, the bank is not offering services in Asia and the Middle East, but these regions will get exposure to SEBA’s services soon.
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