SEBA, a digital asset bank located in Switzerland, has taken a serious step towards boosting its crypto business as it plans to raise $96.5 million (100 million francs) in a secondary offering.
The subscription will be offered to financial institutions and individuals.
Founded in late 2019, the bank had raised more than $103 million in its initial offering from 24 investors, including Julius Baer.
“We are proud to have founded a bank within 18 months, raised CHF [Swiss francs] 100 million in capital from investors,” said EO Guido Bühler. “If you want to grow, and we have ambitious plans, we need to have additional capital.”
Despite this short period of launch, the bank has forayed into nine countries, including the UK, France and China.
“There is still a tremendous gap between traditional banking on one side and decentralized finance on the other side. SEBA Bank, an integrated bank focused on digital assets, works as a bridge-builder offering a comprehensive range of services in digital as well as in traditional finance,” SEBA recently said.
The lender offers a full range of products to investors who seek exposure to the crypto industry. It has a trading platform linking investors to crypto exchanges.
“I’m convinced that in five years or 10 years, everything is on, because the production costs and the maintenance costs are significantly reduced – whilst at the same time you can empower the clients directly,” Buehler said.