SEBA receives USD 103 mln funding to merge crypto and traditional banking

Monday 1 October 2018 00:45 CET | News

SEBA has secured CHF 100 million (USD 102.7 million) in funding to build a regulated bank bridging the crypto and traditional financial economies.

According to the company, traditional financial market participants widely exclude themselves from crypto markets due to the risks and the lack of investment-specific regulatory protection.

SEBA also finds that crypto companies and investors are finding it difficult to move assets from the crypto markets into the traditional regulated banking world.

SEBA, based in Switzerland, intends to solve these challenges, by obtaining a banking and securities dealer licence from the Swiss Financial Market Supervisory Authority (FINMA) and developing a platform.

The investment came from a mix of Swiss and international institutional and private investors, including BlackRiver Asset Management and Summer Capital.

SEBA aims to offer products for private individuals and institutional investors, as well as corporate investors.

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Keywords: SEBA, crypto, regulated bank, Switzerland, funding
Countries: World