Monday, March 4, 2024

Swiss crypto bank Seba rebrands to Amina amid global expansion

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Main Swiss cryptocurrency-enabled bank Seba is altering its identify amid rising ambitions to broaden its buying and selling companies worldwide.

Seba Bank AG has rebranded to Amina Bank AG, the agency introduced to Cointelegraph on Nov. 30. “We opted to change our identify from SEBA Bank due to similarities with SEB Bank in Sweden. SEB Bank and SEBA Bank agreed to a reputation change in 2023,” Amina CEO Franz Bergmueller instructed Cointelegraph.

The brand new identify, Amina, stems from the time period “transamination,” which means the transference of 1 compound to one other, the agency stated — referring to its mission to carry collectively numerous parts of conventional, digital and crypto banking.

Whereas the brand new naming is predicated on the thought of compounding various kinds of banking, Amina’s earlier identify, Seba, is reportedly a play on the identify of its founder, Sebastien Merillat. “I’m simply keen about know-how and seeing the way it will work,” Merillat said in an interview in 2019.

Associated: SoFi Technologies to cease crypto services by Dec. 19

Seba’s rebranding to Amina comes amid the crypto bank actively increasing its merchandise world wide. In early November 2023, Seba obtained a license from the Hong Kong Securities and Futures Commission, which allowed the agency to supply crypto buying and selling companies within the nation. In 2022, Seba additionally obtained monetary companies permission from Abu Dhabi Global Market and opened an office in Abu Dhabi.

“As we glance ahead to 2024, our ambition is to speed up the expansion of our strategic hubs in Switzerland, Hong Kong, and Abu Dhabi, and to proceed our global expansion,” Amina CEO stated, including:

“At present, we hold our deal with three areas: Switzerland, Abu Dhabi and APAC, together with Hong Kong and Singapore.”

Other than its regulated hubs in Zug, Hong Kong and Abu Dhabi, Amina operates globally, providing its purchasers conventional and crypto banking companies. Present purchasers of Amina Bank — previously Seba Bank — will probably be unaffected by the rebrand, as all operations will probably be enterprise as regular throughout the board, the agency stated.

Launched in 2018, Amina is a significant participant within the cryptocurrency ecosystem, enabling many monetary establishments to function crypto-related companies. In November 2023, Switzerland’s St.Galler Kantonalbank, one of many largest banks within the nation, partnered with then-branded Seba to supply its purchasers digital asset custody and brokerage companies.

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