From: FinTech Global
Swiss financial institution SEBA Bank will be issuing its Series B equity to its shareholders as blockchain security tokens.
The company is a FINMA licenced bank said to be providing a seamless, secure and easy-to-use bridge between digital and traditional assets.
The news comes after Switzerland enacted the new DLT law. The new regulations mean that digital ledger technology-based assets will essentially be on the same standing as other securities.
“With the DLT law coming into force [on February 1], Switzerland reaffirms itself as one of the most progressive and innovative legal and regulatory jurisdictions around the world that now fully supports the issuance of digital securities on a native blockchain basis,” said Hans Kuhn, board member of SEBA Bank. “This marks a major step forward in enabling and securing the innovation expected of security token issuance.”
For SEBA Bank, it means that the business will be able to fulfil a promise made in December that it would tokenise its shares of the Series B fundraising when the blockchain law came into force.
“SEBA Bank’s strategic position providing a secure bridge between the traditional and the digital banking worlds now includes a fully integrated, banking grade asset tokenisation capability that puts SEBA Bank at the forefront of digital security issuance under one roof,” said Guido Bühler, CEO of SEBA Bank.
“Our digital corporate finance and asset tokenisation capabilities being demonstrated by the issuance of our Series B security tokens have established a compelling new solution for our clients to secure the benefits of tokenised securities and assets.”
SEBA Bank has previously demonstrated its commitment to digital assets by inking a deal with three universities in 2020 to create a blockchain and cryptocurrency programme.
The company raised $101m in a fundraising round in 2018.
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