Hong Kong investment firm to establish cryptocurrency bank

There has been a rapid surge in the number of FinTech start-ups across the globe over the recent years and the sub-sectors encompassed have become more diverse. For an instance, we reported that investment in the Australian FinTech sector has risen remarkably as the Australian FinTech ecosystem is becoming increasingly diverse.

The recent edition was that Fred Schebesta, the co-founder of one of Australia’s largest tech stories (Finder) has publicized their upcoming “multibillion-dollar” project plans to establish the “first crypto bank of Australia”.

For now, China perceives cryptocurrencies with a healthy bout of suspicion and admiration. While a Hong Kong-based investment firm, ‘Summer Capital, has acquired a stake in SEBA Crypto AG, which is a start-up with an objective to establish a licensed and authorized cryptocurrency investment bank. Theyhave been optimistic on its investment that likely to assist pave the way for a cryptocurrency bank.

The platform, which is based in the crypto hub of Zug in Switzerland is however still awaiting approval from the Swiss Financial Market Supervisory Authority (FINMA) to trade as a banking and securities dealer.

This start-up would be enabled by approval to expand its venture to Asia and assist blockchain-based platforms to gain access to traditional banking systems. This development could extend to SEBA’s ICO, which is scheduled for the Q3’2019, where the investment firm could make a contribution. While the acquiring company manages over $1 billion and has attentions in the gamut of FinTech and logistics.

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