Swiss SEBA Bank Dives Into Defi Expanding Its Offering With 3 Tokens
The Swiss fintech start-up SEBA AG has just confirmed that it has joined three different token sales. The company has said it will invest in three high-growth industries: the Internet of Things, alternative finance and blockchain. The three ICOs are First Token Capital, Swarm City and TaaS Fund. Blog Post 1:
Swiss SEBA Bank has launched its own three tokens after a token generation event (TGE) that raised $104 million. Swiss SEBA Bank, a financial institution based in Switzerland, has launched its own three tokens after a token generation event (TGE) that raised $104 million. The tokens are named “CHSB,” “SEBA” and “SWIFT,” and according to the company, they will be used as the “currency for various financial services” provided by the bank.
Swiss cryptocurrency bank SEBA is adding support for three Defi tokens, bringing the number of cryptocurrencies available on its platform to nine. SEBA customers can buy, store and exchange any of these cryptocurrencies for fiat.
The SEBAbank supports 3 Defitoken protocols
With these new tokens, SEBA Bank is not only expanding its offerings but also entering the world of decentralized finance (Defi), the fintech company said in an official announcement released this week. The financial services company estimates that it now supports tokens for the major Defini protocols available in the market.
According to the press release, the three newly launched coins include Synthetix (SNX), a decentralized financial protocol that provides on-chain access to a wide range of assets; Uniswap (UNI), a popular decentralized trading protocol that facilitates the exchange of crypto assets; and Yearn.finance (YFI), a decentralized financial aggregator that optimizes agricultural returns. Innovation Bank emphasized that customers can use these new tokens in all the services it offers, such as investment solutions, custody services and trading.
The startup’s offering is supported by its research arm, SEBA Research. The division provides analysis, insight and access to a new asset class, as recommended by the Swiss Bankers Association. Digital assets are selected using a rigorous process that combines quantitative measures with in-depth qualitative analysis, SEBA said in a detailed description. The value accumulation mechanism, tokenomics, and the underlying protocol play a central role.
Crypto Bank is determined to add new currencies
According to the bank’s website, the intention is to keep adding new currencies. BTC, BCH, ETH, LTC, XLM and USDC are already on the list, along with a number of fiat currencies – CHF, USD, GBP, EUR, HKD, SGD, PLN and JPY. The platform provides quotes and supports trading between these cryptocurrencies and fiat currencies.
SEBA Bank, based in the canton of Zug, was founded in 2018 and raised 100 million Swiss francs (about $110 million) in a funding round in September. Launched in late 2019, it offers a wide range of services to provide a seamless, secure and easy-to-use bridge between digital and traditional assets.
In August of the same year, the fintech startup received approval from the country’s financial market regulator (FINMA). It has become one of the first licensed Bitcoin banks in the Swiss crypto valley, along with another crypto banking solution provider, Sygnum AG.
Its banking and securities dealer license allows SEBA to offer its customers – professional individuals, corporations and financial institutions – the ability to invest, hold, trade and borrow traditional and digital assets in a regulated environment. The bank also serves the growing blockchain industry in Switzerland by offering accounts and vaults for fiat and crypto assets.
What do you think of SEBA Bank’s decision to take over three Defi coins? Tell us what you think in the comments section below.
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