Licensed cryptocurrency bank SEBA from Switzerland has closed the Series C funding round for CHF 110 million (~ $ 120 million). It was led by Altive, Ordway Selections, Summer Capital and DeFi Technologies.
🔉 SEBA Bank Raises CHF 110 Million In Series C Funding To Fuel International Growth And Drive Institutional Business 🚀
Read the full media release here: 📄 https://t.co/Qj4gieQQCD pic.twitter.com/Nk3EiD1BRe
– SEBA Bank AG (@WeAreSEBA) January 12, 2022
Funding was also provided by Alameda Research and existing shareholders, including Julius Baer.
Cryptobank will direct the received resources for expansion to the countries of the Middle East and the Pacific region, primarily to Singapore, Hong Kong and the United Arab Emirates, as well as to the development of technology and expansion of the product line.
SEBA currently operates in 25 jurisdictions. Cryptobank intends to double its staff over the next 12-18 months.
As a reminder, in December 2021 SEBA issued a token backed with physical gold.
In October, the cryptobank announced the launch of SEBA Earn. The service will allow institutional clients to generate income from crypto lending operations, DeFi and staking cryptocurrencies including Cardano, Polkadot and Tezos.
In September FINMA approved the first crypto fund in accordance with the country’s legislation. Cryptobank SEBA became his custodian.
Earlier, another Swiss regulated cryptocurrency bank, Sygnum, closed a $ 90 million Series B funding round with an estimate of $ 800 million.