Swiss crypto bank Seba Crypto AG has signed an agreement with Swiss mortgage bank Hypothekarbank Lenzburg AG to use its main banking system, Finstar, Cointelegraph auf Deutsch reports on January 31.
The partnership will enable the implementation of Seba’s decentralized software in Finstar, while allowing Seba to use conventional Finstar services. Additionally, Seba will be able to use Finstar to process and store transactions made with cryptocurrencies and other blockchain-based products. The project is expected to be completed in the second quarter of 2019, notes a January 31 press release.
Hypothekarbank would be responsible for overseeing application management and data center operations. According to the press release, Seba will independently handle blockchain and crypto-specific developments.
Seba CEO Guido Bühler was quoted in the press release as saying:
“[t]Today’s announcement is a sign of the new reality in the financial world where, as a regulated institution, we want to build a bridge between traditional banking and the digital ecosystem.”
In September 2018, Seba raised $103 million to help create a bank that would offer cryptocurrency services, as Cointelegraph reported.
In November, Seba said it expects to receive a banking and securities license from Switzerland’s financial regulator, the Swiss Financial Market Supervisory Authority, in the first half of 2019. The license, which the entity has not yet received according to the recent press release, would allow the bank to legally conduct crypto transactions and investments with other banks and investors.