SEBA cryptocurrency bank, based in Switzerland, announced it is expanding its services to nine new markets including Hong Kong and Singapore.
After officially launching in November 2019, SEBA revealed the addition of nine markets where it will be offering its services, from Singapore and Hong Kong to the U.K., Italy, Germany, France, Austria, Portugal and the Netherlands, according to The Block Crypto.
Now, companies and institutional clients from these nations can open accounts with SEBA and use its services to manage their crypto assets.
Established in April 2018, SEBA was recently granted a banking license from the Swiss Financial Market Supervisory Authority (FINMA) in August 2019.
An announcement for SEBA revealed the bank is aiming to close the existing gap between traditional banking and decentralized finance.
“More than 10 years after the invention of Bitcoin, there is still a tremendous gap between traditional banking on one side and decentralized finance on the other side,” SEBA said.
Services offered by SEBA range from the SEBAwallet app to e-banking and SEBA card facilities where customers can use the bank’s platform to manage cryptocurrencies including Bitcoin (BTC), Ether (ETH), Stellar (XLM), Litecoin (LTC) and Ether Classic (ETC).
With SEBA, users can convert these cryptocurrencies into fiat currencies online. Moreover, SEBA offers corporate accounts to Swiss blockchain companies and their employees.
On the other hand, Sygnum, a key competitor of SEBA, also received a banking license from Swiss authorities in August 2019 and started to provide services to customers soon after.
Additionally, Sygnum was granted a capital markets services license in Singapore, which means the firm can provide services relating to asset management in the Southeast Asian nation.
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