Will Swiss Banks Enter Bitcoin Era?

Swiss banks are known for preserving customer wealth, and this led some bankers to believe that the local banking sector is qualified for investment in Bitcoin.

In November, Swiss bankers discussed the possibility of expanding in the adoption of cryptocurrencies as well as offering crypto services such as debit cards, bank transfers, electronic shopping and mobile trading options.

SEBA, a Swiss digital startup, plans to raise nearly CHF 100 million ($103.4 million) in capital from new investors, in a move aimed at offering crypto services to customers.

The bank has not yet unveiled the date of its coming capital increase.

SEBA is the first crypto-friendly bank in Switzerland as it offered Bitcoin-backed services in 2017. In addition, it explores other options related to these assets.

Bitcoin Suisse plans to obtain a banking license this year as part of its initial public offering plans.

Chairman Niklas Nikolajsen said his company does not have enough money to fulfill demand for its services.  

CEO Arthur Vayloyan said the firm aims to raise $41 million from investors.

Experts see that Switzerland would invest widely in Bitcoin in light of the step taken by SEBA and the current business plans of other local banks.  

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.