SEBA, is the famous crypto bank which obtained its regulatory license last year in November from the Financial Market Supervisory Authority (FINMA). The crypto asset bank is looking to raise a secondary capital of 100 million Swiss Francs which is equivalent to $95 million US Dollar, reported Financial News London.
SEBA and its competitor Sygnum were among the very first and one of its kind crypto banking service providers to receive a regulatory clearance from FINMA. The crypto bank in question had massive success with the first funding round as well where they raised $103 million and this is the reason they are quite confident of their secondary fundraiser.
The crypto bank which was officially launched just six months ago is already planning to expand in 9 countries including Singapore, Hong Kong, UK, Italy, Germany, France, Austria, Portugal, and the Netherlands. Although Seba hasn’t launched any branch in these countries, the institutional investors can still open their account with the crypto bank.
The crypto banking service providers currently support five major cryptocurrencies on their platform which includes Bitcoin, Ethereum, Stellar, Litecoin and Ethereum Classic. The crypto bank also offers a range of banking services to make crypto transactions and handling quite easy. They offer SEBA wallet app, e-banking services, and SEBA card along with the provision for crypto to crypto and crypto to fiat conversion as well.
Switzerland is a Crypto Heaven
Switzerland is considered among the most crypto-friendly countries on earth due to progressive and user-friendly regulations. This is the reason it has become the alternate choice for many crypto service providers who fails to obtain regulatory clearance in their native country. Switzerland was the choice for Facebook to register their nascent crypto project Libra as they were aware of regulatory scrutiny back home in the United States.
Given Seba’s rapid expansion plans, a significant portion of the funds raised from the second funding round could be utilized towards that aspect.