Switzerland-based crypto bank SEBA is adding support for three defi tokens, bringing the number of cryptocurrencies available on its platform to a total of nine. SEBA clients are able to buy, store and trade with fiat any of these cryptos.
SEBA Bank Supports the Coins of 3 Defi Protocols
With the new tokens, SEBA Bank is not only expanding its offering but entering into the decentralized finance (defi) world, the fintech noted in an official announcement published this week. The financial company believes it’s now supporting “the tokens of the most important defi protocols available on the market.”
According to the press release, the three newly introduced coins belong to Synthetix (SNX), a decentralized finance protocol providing on-chain exposure to a wide variety of assets, Uniswap (UNI), a popular decentralized trading protocol facilitating the swap of crypto assets, and Yearn.finance (YFI) which is a decentralized financial aggregator optimizing yield farming returns. The innovative bank emphasized that clients will be able to benefit from these new tokens in all provided services such as investment solutions, custody and trading.
The startup’s offering is supported by its research arm, SEBA Research. The unit provides analytics, insights, and access to the new asset class in compliance with the Swiss Bankers Association guidelines. “Digital assets are selected according to a rigorous process combining quantitative metrics and in-depth qualitative analysis,” SEBA detailed. “The value accrual mechanism, tokenomics, and the underlying protocol play a central role in this process.”
Crypto Bank Committed to Adding New Currencies
According to its website, the bank maintains a commitment to continuously add new currencies. BTC, BCH, ETH, LTC, XLM, and USDC are already in the list, along with a number of fiat currencies – CHF, USD, GBP, EUR, HKD, SGD, PLN, and JPY. The platform provides rates and supports trading pairs between these crypto and fiat currencies.
SEBA Bank, headquartered in the canton of Zug, was founded in 2018 when it raised 100 million Swiss francs (around $110 million) in a funding round in September. It launched in late 2019 with an array of services aimed at building a “seamless, secure and easy-to-use bridge between digital and traditional assets.”
The fintech startup was granted regulatory approval by the country’s Financial Market Supervisory Authority (FINMA) in August of that year. It became one of the first licensed “bitcoin banks” operating out of the Swiss Crypto Valley, together with another banking solution provider for the crypto sector, Sygnum AG.
The banking and securities dealer license allows SEBA to offer its clients – professional individuals, companies, and financial institutions – opportunities to invest, keep, trade, and borrow against traditional as well as digital assets in a regulated environment. The bank also serves the growing blockchain industry of Switzerland by providing accounts and custody for fiat and crypto-assets.