SEBA, the cryptocurrency bank in Switzerland will raise more than $ 100 million for its expansion
SEBA, the new Swiss bank that sells cryptocurrency services to clients, is planning to start its second fundraising stage. Less than two years after the first that raised 100 million Swiss francs, about $ 103 million, the bank will seek the same amount to expand its services and develop additional products.
Last year, the Swiss Financial Market Authority (FINMA) granted SEBA a banking license to operate as a financial services provider that primarily focuses on digital assets. Through the use of the license, the bank allowed professional and institutional clients to invest, hold, trade, and securely borrow against traditional and digital assets. Additionally, customers also had the option to issue tokens.
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SEBA a cryptocurrency bank
SEBA quickly managed to expand its services beyond Switzerland. The bank can now operate in the United Kingdom, Germany, , France, Portugal, Italy, Austria, Singapore and Hong Kong.
Yesterday's news indicate that the Swiss crypto bank plans to have a second fundraising stage of 100 million Swiss francs. According to the report, SEBA wants to raise money from new investors, including financial institutions, family offices, and individuals. Speaking on the matter was the bank's CEO, Guido Buehler, who was previously managing director of UBS for eleven years:
“If you want to grow and we have ambitious plans, we need additional capital. I always say that we are a universal bank for the new economy «.
Buehler reportedly said earlier that “In five or ten years, everything will be on the blockchain, because production costs and maintenance costs are significantly reduced, while at the same time you can empower customers directly.”
SEBA Crypto Bank's plans
In September 2018, SEBA Bank AG full its first stage of fundraising and raised 100 million Swiss francs. The goal was to create a bank that would offer cryptocurrency services to companies and institutional investors and, at the same time, provide traditional banking services to other companies.
In Buehler's view, SEBA should bridge the gap between traditional banking and the emerging world of digital assets. Back then, he also said that the bank will use transparency and security to become a leader in the field:
“With security, transparency and performance as core values, our ambition is to become a market leader in the convergence of traditional finance with the crypto economy.”.
