Swiss Startup Raising over $100 million to open crypto bank

A Swiss Startup has raised $103 million in order to start a bank for cryptocurrencies. It is headed by former UBS executives and will focus on high-networth clients and institutional investors instead of the average investor. It will provide financial products and consultation for such clients. The Swiss Bankers Association has stated that blockchain projects that do not have ICOs can be treated like regular businesses but those that do have ICO must follow stricter guidelines and regulations. This seems a lot more lenient that other places around the world and I expect Switzerland to get a headstart over more regulatory heavy places like North America or Europe on Blockchain innovation and technology. The bank has plans to expand to Hong Kong, China, Singapore, and Malaysia.