Swiss-Regulated Digital Asset Bank Plans $95M Capital Raise

Seba, a young Swiss-based digital asset bank holding regulatory licensing, looks to attempt a secondary capital raise to garner over $95 million in additional funds. During the raise, Seba aims to secure 100 million Swiss francs, equivalent to $96.5 million, “from new investors, including financial institutions, family offices and individuals,” Financial News London wrote in a Jan. 17 brief. Recent launch Crypto friendly startup SEBA Bank AG announced its launch on Nov. 12, 2019 after Switzerland’s Financial Market Supervisory Authority (FINMA) approved the outfit to operate in the world of…

Canadian Regulatory Group Targets Crypto Exchanges Holding Users’ Digital Assets

Canada’s top financial watchdog has told crypto exchanges they will be subject to securities law if they act as custodians to users’ digital assets. The Canadian Securities Administrators (CSA) said in guidance published Thursday the common exchange practice of custodying users’ assets – “merely providing users with a contractural right or claim to an underlying crypto asset” – could subject them to securities legislation. “Whether a crypto asset has been immediately delivered to a Platform’s user is an important component in evaluating whether, and the extent to which, the transaction…

SEC’s CryptoMom Wants US to Learn From Chinese Digital Innovation

The United States could learn from China’s innovations in digital currency, says Securities and Exchange commissioner Hester Peirce.  Fielding questions via webcam at this week’s Crypto Finance Conference in Switzerland, the public sector leader known as CryptoMom, called for the U.S. to:  “Learn from what other countries are doing and take the best of what they’re doing and reject the worst of what they’re doing.”  China outpacing U.S. on digital currency Last fall, Mark Zuckerberg’s congressional testimony on Facebook’s Libra leaned heavily on the idea of U.S. innovation falling behind.…

Crypto dealer SFOX Adds New Service for Fund Managers to Invest in Digital Assets

San Francisco Open Exchange unveiled Thursday its new “Separately Managed Account Solution” to help investors create their own crypto trading strategies. The service enables fund managers to manage individual securities in a single account for their clients in the traditional financial services industry. However, the company claimed the new service has not been available to those who invest in digital assets. According to a blog post from SFOX, the new service will allow fund managers to design and administer personalized crypto trading strategies for their clients. The company said crypto…

Why ‘Crypto Dad’ Is Building the Digital Dollar Foundation

As Libra continues to spur discussions among regulators around the world, and China’s digital yuan comes ever closer to fruition, the U.S. Federal Reserve seems disinclined to look seriously at a digital dollar. Ex-CFTC Chair Chris Giancarlo – aka “Crypto Dad” – isn’t waiting around. He has teamed with Accenture to launch a new non-profit, the Digital Dollar Foundation. As crypto continues to evolve, it does so in sometimes divergent directions. Gemini announced a new insurance company designed to make big institutions more comfortable with the space. Zcash, meanwhile, released…

Former CFTC Officials Ramp Up Push for Digital Dollar With Accenture Partnership

Former Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo, former LabCFTC head Daniel Gorfine and Charles Giancarlo want to take the dollar digital – and they’re not waiting for the Fed. The three are forming the Digital Dollar Foundation, working with Accenture to design and push for a potential U.S. central bank digital currency (CBDC). The new not-for-profit organization has a multi-part plan to first create potential designs and proposals; convene economists, lawyers, academics, technologists and others to evaluate these designs; and create a framework for testing the new system,…

Russia’s New Prime Minister Sets Course for Digital Economy

The Prime Minister of the Russian Federation has called on the country to prioritize the development of the digital economy. As domestic news outlet RIA Novosti reported on Jan. 16, Mikhail Mishustin — who was confirmed in the position as the Prime Minister earlier today — noted some key priorities for his work and outlined the need for institutional reforms in Russia. Mishustin said that the country should implement modern information technologies, including the development of a national digital economy program, adding: “The state should become a digital platform that…

Securitize Opens IRAs to Digital Securities Investors With Partnership

Digital asset issuer Securitize has facilitated what it says is the first direct IRA investment in security token offerings (STOs). Alternative investments gateway AltoIRA purchased an initial investment in security tokens representing CityBlock Capital’s $20 million venture fund, with tokens issued by Securitize. The arrangement is set to open up new opportunities for retirement investors seeking exposure to digital securities, an alternative investment, said Securitize CEO Carlos Domingo. “At the moment [digital securities] are not widely distributed,” Domingo said. “That makes it more complicated for investors to access them, creating…

Off-Blocks Launches US Government-Tested Digital Signature Service in Beta

Digital signature platform Off-Blocks is bringing its government-tested document verification tools to the public. The company launched its digital identity mobile app beta Monday, according to CEO Colin Campbell, offering to the public some of the Factom blockchain-powered anti-forgery mechanisms the companies have been building for the U.S.’s Department of Homeland Security (DHS) since November. The full platform is expected to go live in the coming weeks. Off-Blocks’ public service seeks to infuse trust across digital file sharing. People and companies have an inherent need to authenticate any number of documents,…

MARKETS DAILY: China Moving Closer to Digital Yuan Launch

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