A fully operational crypto-focused bank based in Switzerland is enlarge oning into nine other markets. With a banking and securities dealer license from the Swiss Financial Market Managerial Authority, its services include crypto custody, trading, and asset management. The bank has launched its investment business tabulating a cryptocurrency index.
Also read: Swiss Crypto Bank SEBA Launches With Range of Services
Oecumenical Expansions
SEBA Bank AG, formerly SEBA Crypto AG, is a crypto-focused bank headquartered in Zug, Switzerland. The bank recently matured fully operational and started onboarding Swiss clients after obtaining a banking and securities dealer license from the Swiss Pecuniary Market Supervisory Authority (FINMA).
The bank has announced that it is extending service to “clients from selected unfamiliar jurisdictions” in December. A spokesperson for the bank told news.Bitcoin.com that the selected jurisdictions are the U.K., Italy, Germany, France, Austria, Portugal, Netherlands, Singapore, and Hong Kong.
SEBA Bank targets to build a bridge between the traditional banking world and the crypto world. Its services include custody storage, interchange and liquidity management, asset and wealth management, transaction banking, and tokenization. They are aimed at professional investors, set offices, banks, asset managers, and blockchain companies.
The spokesperson further clarified to news.Bitcoin.com that the bank accepts BTC, ETH, ETC, LTC, XLM and NEO for its charge service. As for trading, it accepts BTC, ETH, ETC, LTC, and XLM.
Investment Solutions and Crypto Index
The bank launched its investment business on Tuesday along with its pointer for crypto assets called the SEBA Crypto Asset Select Index (SEBAX). The bank has selected MV Index Blends Gmbh (MVIS) to maintain the index and act as its administrator. Gentwo Digital was also brought on board to implement the specific restructuring demands of the first investment solution, SEBA noted.
SEBAX “is a dynamic, risk-optimized index with a broad market exposure of the crypto asset market,” the bank identified. Its objective “is to provide an investable index for the most secure, reliable and tradable crypto assets,” MVIS detailed. “The quote of the constituents is monitored on an ongoing basis. The index applies advanced techniques to reduce concentration into single constituents and to hand over enhanced diversification.”
According to its fact sheet, the index was established on July 2 and currently has five components that are rebalanced monthly. It is adjusted daily with the constituent prices converted to USD. A maximum of eight crypto assets ranked by market capitalization are first-class for inclusion in the index. MVIS has contracted with Cryptocompare Data Ltd. to maintain and calculate the index. In November, the index components are 48.46% BTC, 26.70% ETH, 18.28% LTC, 3.43% XLM, and 3.13% ETC.
Crypto assets sooner a be wearing to meet specific criteria to be eligible for the index and must rank within the top 30 coins by market capitalization. “Sure coins and privacy coins are excluded,” MVIS explained. Also excluded are crypto assets with less 90 ages of pricing history, those that are not listed on any of the eligible exchanges, and those that fail the index’s technical completion and safety criteria.
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Images civility of Shutterstock, SEBA Bank, and MVIS.
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