SEBA Crypto AG, a Swiss startup founded by former UBS Group AG managers has raised 100 million Swiss francs ($102 million) in funding to build what is described as a “cryptobank.”

The funding came from domestic and foreign institutional and private investors, including BlackRiver Asset Management and Summer Capital.

The company is headed by former UBS managers Guido Buehler and Andreas Amschwand and is seeking a banking and securities dealer license to manage cryptocurrency trading and investments. The company aims to build a bank offering cryptocurrency services to companies and investors while extending traditional banking services to firms in the new industry, Reuters reported.

In addition, the company also wants to provide corporate financing and advice on initial coin offerings and other cryptocurrency and banking services to traditional corporate clients and cryptocurrency groups.

Avoiding the U.S., SEBA is said to have applied for a banking and securities dealer license from the Swiss Financial Market Supervisory Authority. Switzerland in 2018 isn’t just famed for its neutrality but also its financial services, meaning that although the company won’t necessarily have a U.S. presence, it will attract global investors.

“In Switzerland we have commitment from various authorities to establish a comprehensive regulatory environment for the development of blockchain technology and the sustainable, stable growth of crypto assets,” Amschwand, the designated chairman of SEBA, said in a statement. “This makes Switzerland the ideal place to launch a new financial services paradigm.”

Mimicking a traditional bank, the company aims to open branch locations in major financial hubs, beginning with Zurich in 2019, as well as offering digital services.

Image: SEBA