Swiss SEBA Bank was able to achieve a license to operate in the global market of the UAE’s capital emirate, Abu Dhabi (ADGM).
Cryptobank will be able to conduct regulated activities in ADGM, including advising on investments and lending, as well as organizing investment transactions with digital assets.
The company hopes that the global market in Abu Dhabi will serve to develop the bank’s client base. Thanks to the license SEBA will expand its staff in the UAE and hire specialists to develop business in the region.
In January, SEBA Bank completed another $120 million round of financing, allowing it to increase its product range and invest in new technology:
“The UAE is now a global leader in digital currencies and blockchain, and the Emirates Blockchain strategy they plan to implement by the end of 2022 will only strengthen their position,”Christina Borel, executive director of the UAE branch of Cryptobank
Recall that in September last year SEBA bank received a license FINMA, allowing the bank to provide custodial services to institutional investors.