• Latest
Swiss Banks Enter the Age of Bitcoin

Swiss Banks Enter the Age of Bitcoin

January 22, 2020
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Business

Swiss Banks Enter the Age of Bitcoin

coinnewsdaily by coinnewsdaily
January 22, 2020
in Business
0
Swiss Banks Enter the Age of Bitcoin
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022

DAVOS — Switzerland’s banking industry has long been known to privately safeguard wealth, so some bankers see bitcoin as a natural fit for the nation’s financial sector.

Although such bankers may still be a minority, Zurich-based SEBA Bank AG opened in November 2019 with a universal banking license and a suite of services ranging from fiat storage to crypto custody, a crypto-connected debit card that automatically converts to fiat on the backend for regular shopping and crypto-trading options through the bank’s mobile app.  

SEBA CEO Guido Bühler said the bank raised 100 million Swiss francs (roughly $103.4 million) from angel investors like Guy Schwarzenbach, founder of Black River Asset Management. 

Schwarzenbach said the pricing for SEBA app trades, enabled by backend API integrations with global exchanges, offered “extremely competitive” pricing compared to over-the-counter trades. 

“What I am really excited about for SEBA … is their upcoming deployment of a margin and lending business, including options and derivatives,” Schwarzenbach said. 

SEBA was hardly the first bitcoin-friendly Swiss bank. The private bank Falcon Group, for example, launched bitcoin management services in 2017. Matthew Blake, the World Economic Forum’s monetary systems lead, described crypto-friendly, fully licensed banks as an emerging trend.

“It’s something institutions can do to hedge,” he said.

Likewise, the Swiss crypto startup Bitcoin Suisse has also applied for a universal banking license with the goal of offering everything from staking services to loans. 

“We’re not applying for a banking license just to be like every other bank. We are pioneers at heart,” said Bitcoin Suisse marketing lead Ian Simpson. “We will, of course, offer cash accounts for our clients, in their own name. … We will be able to start trading crypto securities, stablecoins and synthetics, such as mini-futures and products to short the major crypto assets.” 

Crypto bank

However, among such banks so far, SEBA offers a unique ability to hold a variety of many fiat currencies, including American dollars, Hong Kong dollars and Singaporean dollars, then instantly trade cryptocurrencies like bitcoin, ether and Stellar lumens. 

“You can open an account over the phone in 15 minutes, for an accredited investor, you don’t have to go to Switzerland,” Bühler said. “There’s always going to be aspects that banks are required for, and the first one is the storage of your private key.” 

For Schwarzenbach, who described himself as a libertarian who runs his own Lightning Network node that he made using a Raspberry Pi, bitcoin banking makes sense for the physical security benefits. He wouldn’t want the risk of someone hurting him to get at his bitcoin stash.

Bühler said the young bank already serves high-net-worth individuals and institutional investors from all over the world, excluding the United States, plus a few blockchain startups. 

Schwarzenbach added that open source decentralized finance (DeFi) platforms inspired by MakerDAO could eventually offer comparable financial infrastructure to both the general population and the proverbial 1 percent. 

“My hope is that we will be able to develop and adopt that [DeFi] infrastructure,” Schwarzenbach said. “And it is my expectation that standards will present themselves with market maturation.” 

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Credit: Source link

Tags: BusinessCryptoCrypto Business
Share76Tweet48
Previous Post

New Regulations Are Set To Throw The European Crypto Space Into Turmoil

Next Post

Binance Invests in Open-Data Framework Provider Numbers Seeking Product Boost

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin
Alt Coin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
what are wrapped tokens?
Bitcoin

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?
Alt Coin

What is the future of Ethereum (ETH)?

April 22, 2022
Load More
Next Post
Binance Invests in Open-Data Framework Provider Numbers Seeking Product Boost

Binance Invests in Open-Data Framework Provider Numbers Seeking Product Boost

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$27,314.000.60%
  • ethereumEthereum(ETH)$1,776.253.42%
  • tetherTether(USDT)$1.00-0.07%
  • binancecoinBNB(BNB)$313.470.87%
  • rippleXRP(XRP)$0.528.12%
  • cardanoCardano(ADA)$0.3695386.66%
  • dogecoinDogecoin(DOGE)$0.0740941.19%
  • matic-networkPolygon(MATIC)$1.093.95%
  • solanaSolana(SOL)$20.493.03%
  • polkadotPolkadot(DOT)$6.073.35%
  • litecoinLitecoin(LTC)$89.390.13%
  • shiba-inuShiba Inu(SHIB)$0.0000100.53%
  • tronTRON(TRX)$0.0642890.93%
  • daiDai(DAI)$1.000.47%
  • chainlinkChainlink(LINK)$6.961.49%
  • cosmosCosmos Hub(ATOM)$11.253.66%
  • leo-tokenLEO Token(LEO)$3.410.77%
  • ethereum-classicEthereum Classic(ETC)$20.212.75%
  • moneroMonero(XMR)$154.101.67%
  • stellarStellar(XLM)$0.0982235.70%
  • okbOKB(OKB)$42.910.36%
  • bitcoin-cashBitcoin Cash(BCH)$121.120.62%
  • filecoinFilecoin(FIL)$5.574.03%
  • crypto-com-chainCronos(CRO)$0.0673261.21%
  • vechainVeChain(VET)$0.0225131.84%
  • internet-computerInternet Computer(ICP)$4.852.01%
  • algorandAlgorand(ALGO)$0.2031241.19%
  • eosEOS(EOS)$1.122.82%
  • elrond-erd-2MultiversX(EGLD)$42.192.66%
  • aaveAave(AAVE)$70.691.38%
  • tezosTezos(XTZ)$1.091.12%
  • theta-tokenTheta Network(THETA)$0.980.45%
  • neoNEO(NEO)$12.760.35%
  • paxos-standardPax Dollar(USDP)$1.000.08%
  • havvenSynthetix Network(SNX)$2.392.41%
  • bitcoin-cash-svBitcoin SV(BSV)$35.49-0.07%
  • pancakeswap-tokenPancakeSwap(CAKE)$3.641.37%
  • dashDash(DASH)$56.761.22%
  • makerMaker(MKR)$675.63-0.55%
  • huobi-tokenHuobi(HT)$3.630.93%
  • iotaIOTA(MIOTA)$0.2046932.52%
  • zilliqaZilliqa(ZIL)$0.0274385.11%
  • zcashZcash(ZEC)$36.401.15%
  • basic-attention-tokenBasic Attention(BAT)$0.2442413.35%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • nemNEM(XEM)$0.0386222.26%
  • qtumQtum(QTUM)$3.070.02%
  • kusamaKusama(KSM)$33.444.98%
  • compound-governance-tokenCompound(COMP)$41.881.94%
  • yearn-financeyearn.finance(YFI)$8,484.864.83%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • omisegoOMG Network(OMG)$1.80-1.60%
  • bitcoin-goldBitcoin Gold(BTG)$14.32-8.76%
  • golemGolem(GLM)$0.2312632.28%
  • wavesWaves(WAVES)$2.081.56%
  • sushiSushi(SUSHI)$1.054.01%
  • ontologyOntology(ONT)$0.2244211.99%
  • digibyteDigiByte(DGB)$0.0093940.79%
  • umaUMA(UMA)$2.10-4.23%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%