According to an article posted on Ethereum World News that cited South China Morning Post, a renowned firm based in Hong Kong, Summer Capital, has announced that it will be investing in SEBA Crypto AG series a funding. The firm will notably become the first corporate firm in Hong Kong to invest heavily in the blockchain and virtual currency industry.
It’s no longer a secret that cryptocurrency industry is having a significant positive impact on the financial industry across the globe. Experts are of the idea that the market value will continue to increase thanks to adoption of blockchain technology and various cryptocurrencies across the globe. Investors are also busy looking for ideal investment opportunities that they can exploit to reap profits from the industry.
Summer Capital Invests in SEBA Crypto AG
In a recent interview, Summer Capital spokesperson, Jack Chung stated that the company is confident that SEBA will be approved or accredited by Swiss Financial Market Supervisory Authority (FINMA) to offer services related to cryptocurrencies. Jack also went ahead to state that the approval would greatly help to improve the operations of SEBA and help it compete effectively with other companies offering similar services.
The approval will give the Swish company the go ahead to invest in new cryptocurrency projects and expand its reach to other companies in Asia that are already leveraging blockchain technology. The new services will also help companies that are currently unable to access the conventional banking infrastructure.
Jack Chung also mentioned that Summer Capital is ready and willing to offer the Swiss Crypto Investment Bank all the support it requires in terms of finances and expertise to penetrate and take full advantage of the lucrative and yet to be exploited Asia market.
Black River Asset Management has also invested in the Swiss banks and hopes that the cooperation with other investors will help the bank to thrive and succeed. When asked about the progress of the approval process, the chief executive officer at SEBA, Guido Buhler, said that they expect to get the approval documents during the second quarter of 2019. Buhler also stated that the main focus and objective of the company is to redefine transaction banking by using blockchain technology and cryptocurrencies.
Closing Remarks
Lack of banking support has proven to have adverse effects on the industry’s growth. Most of the Swiss banks don’t offer banking services to crypto services due to lack of proper regulations. As a result, most cryptocurrency firms opted to relocate from the country in search of greener pastures.
The news that a regulated digital currency bank will soon be launched has encouraged the firms to come back to the country and offer cryptocurrency services to the citizens and businesses. They hope that the regulations will provide a conducive environment for them to offer their services and the government has assured them that the regulations are meant to support their activities and not cripple their business.
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