Swiss crypto bank, SEBA, barely a year into existence is planning to raise $95 million in additional funds.
As it continues to plan and manifest growth in the digital asset ecosystems, SEBA is looking to attract money from new investors, including financial institutions, family offices, and individuals.
The crypto start-up that received its banking license only in August 2019, is setting up another fundraising event. Its planned fundraising event aims to raise over 100 million Swiss francs According to Financial News London report after becoming one of the first major licensed banks that deal in cryptocurrency.
SEBA’s first fundraising event held Nov. 2019 and was regarded as successful as the firm got investment round raising over $103 million. According to SEBA’s CEO, Guido Bühler, in a Nov. 12 press release. Bühler said:
“We are proud to have founded a bank within 18 months, raised CHF [Swiss francs] 100 million in capital from investors.”
SEBA began operations by offering institutional and private clients a range of services with regards to digital assets and traditional finance.
The bank already has plans to expand into nine other countries as well as institutional clients from Singapore, Hong Kong, UK, Italy, Germany, France, Austria, Portugal, and the Netherlands can now open accounts with SEBA.
SEBA offers additional services and products to customers like SEBAwallet app, e-banking services, and SEBA card facilities that support five major cryptocurrencies, including bitcoin, ether, Stellar, Litecoin and Ether Classic.
The bank also provides investors with both crypto to crypto and crypto to fiat conversion services. Addressing the gap between traditional banking and decentralized finance, the bank said in a statement that it works as a build-bridger and offers digital alongside traditional financial services.
After barely a year into its existence, Switzerland-based SEBA bank is taking more significant steps towards expanding and manifesting its growth in the digital assets ecosystem.
According to a recent report, the crypto start-up that received its banking license only in August 2019 is setting up another fundraising event.
Right after the first fundraising round, SEBA bank had introduced the SEBA Crypto Asset Select Index (SEBAX) in December, which is a risk-optimized index taking the broader crypto-investment market into account. Following the same, the bank started its operations by offering institutional and private clients a range of services with regards to digital assets and traditional finance.
SEBA was officially launched on 12 November 2019 after the digital assets bank acquired its regulatory clearance from the country’s Financial Market Supervisory Authority (FINMA), a license that allowed it to begin its operations in the banking sector.
The bank said “there is still a tremendous gap between traditional banking on one side and decentralized finance on the other side. SEBA Bank, an integrated bank focused on digital assets, works as a bridge-builder offering a comprehensive range of services in digital as well as in traditional finance.”
SEBA rival Sygnum reportedly also received a banking license from Switzerland’s Financial Market Supervisory Authority (FINMA) back in August 2019. The bank is also looking to get a banking license in Singapore