Seba Bank raises $119M in Series C funding
Seba Bank, a Swiss-based digital assets banking platform regulated by the Swiss Financial Market Supervisory Authority, announced on Wednesday that it had completed a successful Series C funding round of 110 million Swiss franc, or $119 million U.S. dollars. Notable investors in the round included cryptocurrency exchange FTX, quantitative digital currency trading firm Alameda Research, decentralized finance asset management firm DeFi Technologies, and venture capital entities such as Altive, Ordway Selections and Summer Capital.
The bank said it plans to use the funds to fuel international growth and drive demand from institutional investors in the digital assets industry. Seba has been at the forefront of crypto innovation in Switzerland. In September 2021, the firm was granted the first Swiss digital asset custody license. 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 own regulated gold token exchangeable with physical gold on-demand, which could potentially be used as a gold-standard digital currency. Seba Bank became fully operational to professional investors and institutional clients in 2019.
Jonathan Ordway Fackelmayer, Chairman of Ordway Selections, issued the following statement regarding the development:
“We are delighted to be part of the lead-investor consortium alongside Altive and Summer Capital. They both hold a deep knowledge of financial services and technology applications. Our consortium believes SEBA Bank is uniquely positioned to respond to the needs of the ever-growing and demanding pool of cryptocurrency investors worldwide.”