One of the first cryptocurrency banks to be launched in Switzerland, Seba Crypto AG, has partnered with Swiss mortgage bank Hypothekarbank Lenzburg AG, the bank announced on its website on January 31.
The newly launched partnership will allow Seba Crypto to use Hypothekarbank’s core banking system. According to the release, Seba’s decentralized software will be implemented into Finstar and the bank will also be able to use Finstar’s conventional services. Seba will also be able to able to use Finstar to process and store transactions made with cryptocurrencies and other blockchain-based products.
The integration project is set to be completed in the second quarter of 2019, the companies said in their press release. During the integration process, Hypothekarbank will be overseeing application management and data center operations, while all blockchain and crypto-specific developments will be independently handled by Seba.
Seba’s new partnership comes months before the bank is scheduled to receive a banking and securities license from Swiss financial regulator. Back in Novemebr 2018, Seba stated that the Swiss Financial Market Supervisory Authority is expected to grant the company the license that would allow it to legally conduct crypto trading with other banks.