FINMA-licensed crypto focused SEBA Bank enters Abu Dhabi’s ADGM

Rick Steves

“This license is a valuable addition to our existing licenses, as a FINMA regulated banking and securities dealer and licensed provider of custody services for Swiss Collective Investment Schemes for Digital Assets.”

SEBA Bank, the FINMA licensed digital assets banking platform, has secured a Financial Services Permission (FSP) from Abu Dhabi Global Market’s Financial Services Regulatory Authority.

Following receipt of this FSP, SEBA Bank has opened an office in Abu Dhabi ADGM to strengthen support for its regional partners in the provision of regulated digital asset services.

The authorization will allow institutional clients to leverage SEBA Bank’s digital asset banking services, including credit and custody solutions, investment advisory, and management.

SEBA will be able to conduct regulated activities in the region, with a dedicated office and expanded regional headcount to drive institutional business growth.

 

In January 2022, SEBA Bank closed a $120 million Series C round, enabling continued high-trajectory institutional business growth and ADGM is part of SEBA’s strategy to establish licensed presences in the markets it serves.

Guido Buehler, Chief Executive Officer at SEBA Bank, commented: “We are proud to receive a license from the ADGM FSRA to provide our digital asset banking services in the ADGM. This license is a valuable addition to our existing licenses, as a FINMA regulated banking and securities dealer and licensed provider of custody services for Swiss Collective Investment Schemes for Digital Assets.

“Backed by the UAE’s sovereign wealth fund, Mubadala Investment Company, Abu Dhabi’s international financial services center, ADGM is a leading global hub for driving innovation in technology and business development and will offer valuable support in meeting our growth objectives for the region. Our new office in the thriving business and financial district on Al Maryah Island will serve as a strategic hub for SEBA Bank to cater effectively to the evolving needs of our customers in the UAE and across the region.”

Dhaher Bin Dhaher Al Muhairi, CEO of the Registration Authority at ADGM, said: “We welcome SEBA Bank to ADGM’s expanding family of financial institutions at an incredibly exciting juncture for the thriving digital asset landscape. ADGM constantly seeks to advance its financial services offering to enhance the vibrant ecosystem and contribute to the growth and diversification of the Abu Dhabi economy. We look forward to supporting the SEBA Bank in its global growth strategy and serving as the GCC hub for business, financial services and client servicing activities.”

Christian Borel, Senior Executive Officer and Branch Manager at SEBA Bank AG ADGM, added: “The UAE is a global leader in digital assets and blockchain, with the Emirates Blockchain Strategy 2022 providing a clear plan for cementing its place as a global hub for blockchain innovation. Abu Dhabi has established clear regulatory frameworks which allow licensed companies to operate with clarity in the country. As a regulated bank, SEBA Bank can act as a trusted counterparty to those interested in digital asset investment and banking services in the region.”

SEBA launched fiat-to-crypto staking service

In late 2021, SEBA announced it was going deeper into the cryptoverse with the launch of an institutional-grade solution enabling clients to earn yield on their crypto holdings.

SEBA Earn is the Switzerland-based fiat-to-crypto bank’s staking service. This means that institutions and inviduals can earn rewards on Proof-of-Stake protocols including Polkadot, Tezos, and Cardano, with more DeFi protocols to be announced.

SEBA is addressing the growing demand for DeFi products. It has recently made several decentralized finance tokens available for trading, including Aave (AAVE) and Chainlink (LINK).

The bank had also integrated a number of ERC-20 tokens supported on its hot storage custody solution into its proprietary institutional-grade cold storage custody infrastructure: USD Coin (USDC), Uniswap (UNI), Yearn Finance (YFI), Synthetix (SNX), Chainlink (LINK), and Aave (AAVE).

Institutions and individuals can manage these DeFi tokens across its service offering, including investment, custody, and trading.

Now, SEBA is going one step further. SEBA Earn provides a comprehensive earning service that includes staking, DeFi, and centralized lending and borrowing.

The DeFi industry has rapidly grown to reach a total value of over USD 80 billion and more institutions and investors want in.

SEBA Bank will be the first regulated bank to offer a FINMA licensed gateway that will enable professional and institutional investors to access yields in permissioned DeFi protocols, the firm announced.

The service also supports centralized lending and borrowing services for investors to generate yield by lending Bitcoin and Ethereum directly with SEBA Bank.

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