Seba Crypto Bank From Switzerland Inks Deal With Mortgage Bank to Use Finstar Banking System

Seba Crypto AG, a cryptocurrency bank from Switzerland has inked a deal with Hypothekarbank Lenzburg AG, a mortgage bank from the same country, in order to be able to use its basic banking system called the Finstar.

According to the press release, the idea is to:

“During the project phase, the Finstar® platform will be optimized for the open and decentralized software architecture used by SEBA. The existing core banking system will be provided with various interfaces to enable SEBA not only to use conventional Finstar® services, but also to process emission, trading and storage transactions with crypto currencies and blockchain products. The project phase will be completed in the second quarter of 2019.”

Given that the project is due to be completed so soon, it is expected that Seba will be able to make good and efficient use of the Finstar’s benefits at the earliest. The most exciting part of this deal is naturally the benefits that are likely to be translated into the world of cryptocurrencies and blockchain-based services or solutions offered by Seba.

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Reportedly, Hypothekarbank, the partner mortgage bank, will be in charge of two main areas: namely the data center operations and supervising the management of operations. In the realm of blockchain and crypto-related parts of the collaboration, Seba will have independent responsibility.

Speaking of the development, Guido Bühler, the Chief Executive Officer (CEO) of Seba noted:

“We are pleased to have found a stable and efficient platform for our transactions with crypto currencies and blockchain products with the mortgage bank Lenzburg’s Finstar® core banking system. Today’s announcement is a sign of the new reality in the financial world where, as a regulated institution, we want to build a bridge between traditional banking and the digital ecosystem.”

Marianne Wildi, CEO of Hypothekarbank Lenzburg AG echoed the enthusiasm, saying:

«We are proud to welcome SEBA Crypto AG, one of the first crypto banks in Switzerland. Extending our system into a platform for crypto-currency transactions is a quantum leap. We enter new territory in the core banking sector and look forward to the strategic cooperation with SEBA.”