Swiss cryptocurrency startup SEBA Crypto AG has announced November 22, 2018, a new partnership with Loomis International, an arm of Sweden-based Loomis Group that has been a leading global provider of logistics solutions for valuables.
Under the new partnership, both companies will collaborate to build a Tempest “Level A” Deep Cold Storage offering for cryptocurrencies.
SEBA’s Crypto Asset Custody Storage Solution
SEBA’s objective is to emerge a global Custody services platform for corporates, institutions, and individuals interested in licensed and supervised crypto assets storage facilities. The company’s Custody services are designed to enable clients to dive into digital assets trading.
By forming a strategic alliance with Loomis International, SEBA aims to leverage the global valuable logistics company’s expertise in high-security custody models. This new move is expected to boost SEBA’s ongoing efforts to establish itself as the world’s first fully-licensed and supervised cryptocurrency bank.
Earlier in September 2018, the company raised just over $100 million to expedite the launch of its Swiss Financial Market Supervisory Authority-regulated crypto bank.
SEBA says once the bank is operational, it will play an instrumental role in mitigating the gap between the traditional financial and crypto economies.
Speaking of the agreement with Loomis International, Guido Buehler, Chief Executive of SEBA Crypto AG, commented: “A strategic partnership with Loomis underscores our commitment to meet the stringent security standards required to be a regulated entity.”
A Mutually Beneficial Arrangement
The partnership between SEBA and Loomis International gives both companies a better shot at tapping into the digital assets market. For SEBA, the new Tempest Level A Deep Cold Storage will further strengthen its cause when it comes to getting that much-awaited final nod from the Swiss financial regulator. Additionally, the company’s tokenization line-of-business will also have a much easier access to a ready-made market of potential clients.
Meanwhile, if/when SEBA is granted the banking license by FINMA, Loomis International will have the option to offer a licensed and supervised physical asset tokenization service to the company’s customers.
“The agreement marks a new stage in our longstanding history as a leading secure asset handling firm. Our partnership with SEBA enables us to provide a physical custody solution with a reputable visionary partner in the crypto economy,” said Urs Röösli, President of Loomis International.
SEBA Expects FINMA’s Final Approval in 2019
SEBA is optimistic that it will be awarded FINMA’s banking license in H1 2019. Once that happens, the company will be free to offer cryptocurrency trading and investment solutions for other banks and qualified investors.
In a recent conversation with Swiss financial news outlet Cash, the company’s CEO Guido Buehler stated that SEBA’s proposed crypto bank has already drawn the attention of five “large asset managers” from Germany and elsewhere.