Seba Bank raises $119M in Series C funding

Seba Financial institution, a Swiss-based digital property banking platform regulated by the Swiss Monetary Market Supervisory Authority, introduced on Wednesday that it had accomplished a profitable Collection C funding spherical of 110 million Swiss franc, or $119 million U.S. {dollars}. Notable traders within the spherical included cryptocurrency alternate FTX, quantitative digital forex buying and selling agency Alameda Analysis, decentralized finance asset administration agency DeFi Applied sciences, and enterprise capital entities comparable to Altive, Ordway Picks and Summer time Capital.

The financial institution mentioned it plans to make use of the funds to gas worldwide progress and drive demand from institutional traders within the digital property business. Seba has been on the forefront of crypto innovation in Switzerland. In September 2021, the agency was granted the primary Swiss digital asset custody license. One month later, it launched a program for customers to earn yields on their DOT, XTZ and ADA holdings. In December 2021, the financial institution launched its personal regulated gold token exchangeable with bodily gold on-demand, which might doubtlessly be used as a gold-standard digital forex. Seba Financial institution turned totally operational to skilled traders and institutional shoppers in 2019.

Jonathan Ordway Fackelmayer, Chairman of Ordway Picks, issued the next assertion concerning the event: 

“We’re delighted to be a part of the lead-investor consortium alongside Altive and Summer time Capital. They each maintain a deep information of economic providers and expertise functions. Our consortium believes SEBA Financial institution is uniquely positioned to answer the wants of the ever-growing and demanding pool of cryptocurrency traders worldwide.”