Banking Capital markets

SEBA, digital asset bank backed by Julius Baer to raise $100 million more

digital assets cryptocurrency

SEBA is a Swiss-licensed digital asset bank backed by private bank Julius Baer which is also a business partner. Previously, SEBA stated it had raised CHF 100 million ($103m) in September 2018, and the recent news is it plans to target the same again, as reported by Financial News London.

The company received a FINMA banking license in August last year, around the same time as fellow Swiss bank Sygnum. It officially opened its doors for business in November.

According to the corporate registry, to date, SEBA shareholders paid CHF 51.5 million ($53m) in capital as of November 2019. We contacted the firm to clarify the difference and they stated that CHF 51.5 million is just the nominal capital and the difference relates to share premiums.

The original roadmap had included an ICO in the third quarter of 2019. That morphed to a private placement targeted for the end of last year. The plan is to convert the investment into tokens once a listing on a regulated exchange is possible. SIX and daura are actively working on providing such a Swiss-based regulated platform.

SEBA provides several services. Right now, the emphasis is on cryptocurrencies, and it set up a new Crypto index for diversified investment purposes. For this, it provides custody, trading and liquidity. In a broader context, this includes wealth management, hence the Julius Baer relationship.

Additionally, it provides conventional banking services as well as crypto custody to Swiss-based blockchain firms. It has previously stated it would be involved in digital asset corporate finance and recently expanded its corporate purpose to securities trading.