A startup of ex-bankers UBS AG Crypto SEBA (SEBA) has collected enough money to open a crypto Bank. The company published a press release today on its official website.

The total investment obtained SEBA, was approximately 100 million CHF (~$104 million). The startup did not disclose the full list of investors that includes BlackRiver Asset Management and Summer Capital.

The money will be spent on the formation and development of a range of traditional banking services for cryptocurrency companies, as well as cryptocurrency services (trading, investment management, custodial services) to institutions interested in diversifying their portfolios through digital assets.

SEBA is now awaiting the decision of the Authority for the supervision of financial market authority Switzerland (FINMA) on request on issuance of licenses to startups in the banking and dealer activities. According to Reuters, FINMA has confirmed that the application process has already begun. In the case of a positive decision of the authority, SEBA is planning to simultaneously launch online banking and access to branches.

Emsland Andreas (Andreas Amschwand), one of the founders and Chairman of the Board of Directors of SEBA, explained why the startup decided to settle in Switzerland:

“Various agencies of Switzerland expressed the willingness to focus all efforts on establishing a clear legal framework for the development of blockchain technologies and sustainable, stable growth in digital assets. All these nuances make Switzerland an ideal starting point for a new direction of financial services.”

If successful, SEBA will be the first legal CryptoRandom in Europe. Exit in the banking sector plans and cryptocurrency startup Circle — but on the territory of the United States.