According to Financial News London report, SEBA aims to secure 100 million Swiss francs, equivalent to $95.6 million. SEBA become one of the first major licensed banks that deal in cryptocurrency. The bank received its license only six months ago.
SEBA raised $103 million in its first fundraising round.
SEBA announced its launch on November 12 last year after receiving a license from Switzerland’s Financial Market Supervisory Authority (FINMA). SEBA also announced its plans to expand into nine other countries as well. Institutional clients from Singapore, Hong Kong, UK, Italy, Germany, France, Austria, Portugal, and the Netherlands can now open accounts with SEBA.
The crypto-focused bank supports five major cryptocurrencies.
The Switzerland-based bank SEBA also offers SEBAwallet app, e-banking services, and SEBA card facilities that support five major cryptocurrencies, including bitcoin, ether, Stellar, Litecoin and Ether Classic. The bank provides investors with both crypto to crypto and crypto to fiat conversion services.
SEBA rival Sygnum 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.