A fully operational crypto-focused bank based in Switzerland is expanding into nine other markets. With a banking and securities dealer license from the Swiss Financial Market Supervisory Authority, its services include crypto custody, trading, and asset management. The bank has launched its investment business including a cryptocurrency index.
SEBA Bank AG, formerly SEBA Crypto AG, is a crypto-focused bank headquartered in Zug, Switzerland. The bank recently became fully operational and started onboarding Swiss clients after obtaining a banking and securities dealer license from the Swiss Financial Market Supervisory Authority (FINMA).
The bank has announced that it is extending service to “clients from selected foreign 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 aims to build a bridge between the traditional banking world and the crypto world. Its services include custody storage, trading and liquidity management, asset and wealth management, transaction banking, and tokenization. They are aimed at professional investors, family offices, banks, asset managers, and blockchain companies.
Investment Solutions and Crypto Index
The bank launched its investment business on Tuesday along with its index for crypto assets called the SEBA Crypto Asset Select Index (SEBAX). The bank has selected MV Index Solutions Gmbh (MVIS) to maintain the index and act as its administrator. Gentwo Digital was also brought on board to implement the specific restructuring requirements of the first investment solution, SEBA noted.
SEBA Crypto Asset Select Price Index as of Nov. 28. Source: MVIS
SEBAX “is a dynamic, risk-optimized index with a broad market exposure of the crypto asset market,” the bank described. Its objective “is to provide an investable index for the most secure, reliable and tradable crypto assets,” MVIS detailed. “The selection of the constituents is monitored on an ongoing basis. The index applies advanced techniques to reduce concentration into single constituents and to deliver enhanced diversification.”
SEBAX’s November components. Source: MVIS
According to its fact sheet, the index was established on July 2 and currently has five components that are rebalanced monthly. It is calculated daily with the constituent prices converted to USD. A maximum of eight crypto assets ranked by market capitalization are selected 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 have to meet specific criteria to be eligible for the index and must rank within the top 30 coins by market capitalization. “Stable coins and privacy coins are excluded,” MVIS explained. Also excluded are crypto assets with less 90 days of pricing history, those that are not listed on any of the eligible exchanges, and those that fail the index’s technical maturity and safety criteria.
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Images courtesy of Shutterstock, SEBA Bank, and MVIS.
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