The Switzerland-based crypto bank SEBA joins hands with the US-based crypto-asset issuance firm Tokensoft. Tokensoft will offer its technology to SEBA bank for the development and issuance of digital assets.
World First Licensed Crypto Bank
The company calls itself the world first licensed crypto bank of the world to offer accounts dealing with both crypto and fiat. The firm also aims to provide crypto trading facility along with digital assets management services. The main agenda behind the partnership is to offer better solutions for assets tokenization. The company will launch its asset tokenization services later this year. “Our core solutions are ready and in the final testing phase. We plan to be fully live from the second half of this year,” Matthew Alexander, head of asset tokenization at SEBA, said while talking to a crypto media outlet.
Blockchain technology has a bright future as it has the capability to transform every sector. Keeping this on focus, SEBA is determined to tokenize physical assets such as precious metals, art, and real-estate assets. Tokensoft will also aid the company in security token offerings and in the management of these tokenized assets.
“Today, only piecemeal solutions are available on the market. We will provide clients end-to-end solutions that cover the entire tokenization value chain, from issuance to asset management and digital custody with the highest possible regulatory standards,” Alexander added.
SEBA raised more than $100 million in the first funding round at the time of launch in November 2019. At the start of 2020, the company also raised $100 in another funding round. Alexander said,” An additional raise was and still is planned from inception to fuel our balance sheet for our client business and capital-intensive products and to grow into new markets. The interest of new potential investors is still high, but we are in no hurry.”
Mason Borda, the CEO of Tokensoft, said:
“SEBA has one of the most robust banking licenses that we have seen globally, it has a heavy pedigree in banking, having been founded by ex-UBS bankers who have extensive knowledge of financial instruments and how to get financial products to market.”
End of Traditional Banks
According to many, the shift has started from purely traditional institutions towards banks based on the blockchain technology. Alexander believes “if SEBA does its job right, we may end up disinter-mediating ourselves as there may ultimately be no need for the bank at all.”
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