[2018-09-26]Ex-UBS Bankers Raise Funding for a Swiss Cryptocurrency Bank

[vit05]

Bloomberg

 Seba raises $104 million from private, institutional investors
 Company in talks with Swiss financial regulator since April
Seba Crypto AG, a Swiss financial services company run by ex-UBS Group AG bankers, said it raised money as it seeks to become one of the world’s first regulated banks and let consumers trade fiat money into cryptocurrency.

The Zug-headquartered company said it secured 100 million Swiss francs ($104 million) from private and institutional investors for the venture, which is dependent on being granted a banking license from Finma, the Swiss financial regulator.

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[Slow death]

I've heard several times about "Cryptocurrency Bank" but in practice how does it work? Will people use it like they use regular banks? and if they are going to be used as if they were to use normal bank, how is the question of requests for documents to open account? How is the process of withdrawal and deposit works? I do not understand anything like these Cryptocurrency Bank works.

The Zug-headquartered company said it secured 100 million Swiss francs ($104 million) from private and institutional investors for the venture, which is dependent on being granted a banking license from Finma, the Swiss financial regulator.

This is a fundamental part, why always run to get money but leave the license as the last thing?

[dreamhouse]

A exchange in form of a bank? What's the diff between Cryptocurrency Bank and an exchange? Don't see much diff except the insurance side maybe.