SEBA Bank, a fully integrated, FINMA licensed digital assets banking platform, secured CHF 110 million ($120 million) in a Series C funding round.
The swiss bank informed that the latest funding round was co-led by a consortium of specialized blockchain and fintech investors, comprised of Altive, Ordway Selections, and Summer Capital, as well as DeFi Technologies, a NEO listed leader in decentralized finance.
Russell Starr, CEO of DeFi Technologies commented on the development:
“We strive to be at the forefront of innovation in DeFi and blockchain and support the development of services in the digital asset industry which will form the backbone of the next iteration of our financial system. Our investment in SEBA Bank is both a testament to SEBA Bank’s industry leading digital asset banking services and the importance of blockchain as a core technology in the future development of our financial system.”
Alameda Research, a global cryptocurrency quantitative trading firm and liquidity provider, as well as core partner of FTX, also participated in the round.
SEBA bank said that the Series C round was significantly oversubscribed, with demand far exceeding the initial funding target. Existing investors, including Julius Baer, increased their positions in the latest funding round.
The bank plans to use the new funds to fuel international growth and drive demand from institutional investors in the digital assets industry.
Guido Buehler, CEO at SEBA Bank, said:
“With the support of such a strong group of investors, offering depth and breadth across the domains of finance, fintech, and blockchain, SEBA Bank is privileged to access a wide range of new skills and capabilities to fast-forward our growth plans. This funding will allow us to further develop our digital asset banking platform and strengthen our presence in markets across the globe by attracting new talent.”
SEBA has been at the forefront of crypto innovation in Switzerland. In September 2021, the bank was granted the first institutional license to custody Collective Investment Schemes for digital assets in Switzerland. One month later, it launched a program for users to earn yields on their DOT, XTZ, and ADA holdings.
In December 2021, the bank launched its regulated Gold Token, aiming to bolster ‘digital ownership of physical gold’. The token can be delivered in physical form, on-demand, at any time from the firm’s precious metal partner Argor-Heraeus.
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