Bitcoin Global News (BGN)
September 27, 2018 -- ADVFN Crypto NewsWire -- UBS is known as a
global leader in investment banking. On the other hand, they are
not exactly known as a Crypto supporter. Their internal opinions
change just about as much as the cold and warm fronts seem to do,
these days, if current press on the subject is taken into account.
If you are not clear on the existing UBS saga in the space, do a
quick Google search on UBS and Crypto.
Once you have done so, it is not
hard to see why a group of their employees who support Crypto’s
rise might have decided to jump ship, in order to dedicate
themselves to what they are truly passionate about.
Now, as of about 6:00 UTC time
today, it appears that their dream is swiftly becoming a
reality.
Via a press release today, the
group, which is now called SEBA Crypto AG or SEBA, announced
that it has raised about $104 million from well-known investors
like BlackRiver Asset Management and Summer Capital.
Even more importantly, SEBA’s goal
is now completely public.
In short, they want to become what
would be the world’s first regulated and therefore, legal, Crypto
bank.
Getting there, however, will not be
easy.
In a general sense, the process
will mainly involve securing a Swiss banking and securities dealer
license, which is given out by FINMA. If you are not already aware,
FINMA acts as Switzerland’s equivalent to the SEC, which includes
having the authority to decide who is allowed to be a regulated
financial institution and who is not.
Because this is true, it is also
true that without FINMA, SEBA has no chance at leading the charge
to a Crypto future in the way it envisions.
At this point, a logical question
to raise is: what can a Crypto firm do to convince such an
authority to agree to what is already seen as a volatile
proposal?
Whatever the answer turns out to
be, it cannot hurt that UBS is a perhaps the most well-known
investment bank in Switzerland, especially given that its
headquarters are located there.
Now, in the end, all that matters
is whether SEBA’s founding team can use these backgrounds to
convince FINMA that their endeavor is worthy of
approval.
By: BGN Editorial Staff
News:
UBS Bankers
Cryptocurrency