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Switzerland-based SEBA Bank, a digital assets banking platform, has raised about $119 million, or CHF 110 million, in a Series C funding round, the company shared on Wednesday.
“The round was significantly oversubscribed, reaffirming our vision and business strategy as the bank of the new economy,” Guido Buehler, CEO of SEBA, told Blockworks in an email.
The capital raise was co-led by Altive, Ordway Selections, Summer Capital and DeFi Technologies. Other participants include Alameda Research, FTX and other existing investors.
The FINMA licensed bank was founded in April 2018 and has raised a total of $248.9 million — or CHF 230 million — in financing to date, Buehler said. There is no public valuation to disclose at this time, he said.
“This funding has fuelled our rapid growth and ensures that we continue to cement our position as the bank of the new economy,” Buehler said. Additionally, the financing will ensure that it can rapidly build its presence in emerging markets, as a response to client demand, he said.
The capital will be used to expand into new priority markets globally, including the Middle East, he noted. Additionally, it will be used to drive institutional business growth through further investment in SEBA’s product offerings and technology.
In general, the company has seen significant accelerated interest in digital asset services over the past year, most notably from institutional players, Buehler said.
“A number of macro trends globally are also encouraging institutional players to move now on digital assets, including negative yields on traditional investment products and the greater regulatory clarity on digital assets provided across a number of jurisdictions,” he added.
In October, SEBA launched a yield generating product to allow institutions to stake and earn yield on their digital assets, Blockworks previously reported. Separately, the bank wrote in a blog post earlier this month that the crypto ecosystem stands at a crucial juncture and this year bitcoin adoption will be strong as institutional investors progressively enter the market.
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