Less than six months after securing its banking license to provide financial products to the cryptocurrency industry, Swiss crypto bank SEBA is seeking 100m Swiss Francs ($96.5m) in fresh capital.
Swiss Crypto Bank SEBA Serves a Growing Market
According to a report in Financial News, the newly inaugurated crypto bank is looking to raise funds from new investors. These include a mix of financial institutions, family offices, and individual investors.
SEBA received its banking license from Swiss Financial Market Authority FINMA in August 2019 allowing it to serve cryptocurrency businesses. Other banks have slowly been granted licenses from FINMA since mid-2018. However, SEBA was the first focused on digital assets to receive a banking license.
The Crypto Banking Scene in Switzerland
In mid-2018, Swiss regulators began to engage banks to work with cryptocurrency companies to prevent an exodus of business from the country.
Switzerland was famous for its “Crypto Valley”. However, many companies in its burgeoning cryptocurrency ecosystem were struggling to open bank accounts on Swiss soil. Many were forced to look to neighboring Lichtenstein or even further afield for these financial services.
The impulse from FINMA certainly marked a seachange in the country well-known for its crypto-friendly status, but whose banks’ doors remained firmly shut.
Despite this, even today, only a small number of Swiss banks are willing to provide services to cryptocurrency businesses. Most still cite concerns over lax AML policies and market manipulation (oh, the irony).
While this may complicate things for crypto businesses, it’s good news for the handful of crypto-friendly banks like SEBA.
Expansion into Nine More Jurisdictions
Since receiving its banking license just six months ago, SEBA has already expanded out of its home soil. It now serves customers in 10 jurisdictions including Singapore, Hong Kong, Germany, Italy, and France.
According to the bank, “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.”
If the second-stage fundraising goes as expected, SEBA could become an important company to keep your eye on.
Do you think more Swiss crypto banks will emerge this year? Add your thoughts below!
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