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…