Swiss Crypto Bank Raises $22 Million for Expansion Growth
Swiss digital asset firm SEBA Bank has revealed that it has raised 20 million Swiss francs ($22.48 million) in its latest round of funding.
New Round of Funding Aimed at Expansion
SEBA Bank revealed in a press release that the Series B funding had been approved at its extraordinary general meeting. The company did not disclose the names of the investors that partook in the funding but revealed that some of the investors were from Switzerland, Europe, and Asia.
With the capital raise, SEBA Bank intends to accelerate the growth and reach of the company. It also revealed that the equity capital will strengthen its capital base and enable the bank to offer expanded products and services.
SEBA Bank also intends to leverage its existing lending capacity for clients and expand into new markets globally. The digital asset firm also plans to tokenize its shares of the Series B fundraising after the new Swiss blockchain law comes into effect in 2021.
Guido Bühler, CEO of SEBA Bank, stated that the company’s track record was important in convincing investors to increase their capital in the bank.
“I am delighted that the strengths of SEBA Bank and its track record in 2020 were recognised by our existing key shareholders and new investors leading them to participate in a second capital raise.’’
He also added that the funding would help SEBA Bank push towards expanding into new markets in Asia and the US.
“This support will allow us to accelerate the strong growth SEBA Bank is delivering as we also plan to expand into new markets in the Middle East and Asia and support US institutional clients.”
Blockchain Sector Witnesses Influx of Investors In 2020
The blockchain industry has witnessed an increasing number of investors raise funds for several projects. The rise of decentralized finance and an increasing number of sectors in the blockchain industry has led to an increase in investors looking to own a piece of these projects.
CoinDCX, one of the largest crypto exchanges in the world recently raised $13.9 million in round B funding. The funding was led by Block.one and included other top players like Coinbase, Jump Capital among others. 2021 is expected to witness a higher surge in investments as more mainstream investors move towards the blockchain industry.