SEBA, a cryptocurrency startup bank, who raised more than $100M in its first phase of fundraising, is expected to initiate the second phase. Although, the date is still undeclared, yet they are expecting to raise an almost similar amount to expand the services and develop more useful products.

Back in 2019, SEBA acquired the banking license to operate as a financial service provider from the Swiss Financial Market Authority (FINMA) which paved the way for experts and institutional clients to invest, save, trade, and borrow digital assets. Additionally, the license also streamlines the process of issuing tokens.

SEBA not only expanded its services in Switzerland but now it has its services operational in other countries like the UK, Portuguese, Germany, France, etc.

As per the reports rolled out on 17th January 2020, SEBA is now ready for the second phase of fundraising. With this, SEBA will like to receive investments from new investors who can be financial institutions, personal businesses, and individual owners.

When asked about the situation, Guido Buehler, the CEO of the bank, said:

“If you want to grow, and we have ambitious plans, we need to have additional capital. I always say we are a universal bank for the new economy.”

Buehler also elaborated on the deeper context of why he believes everything will be on the blockchain in the coming years. He explained;

“In five or ten years, everything is on the blockchain, because the production costs and the maintenance costs are significantly reduced – whilst at the same time you can empower the clients directly.”

History of SEBA in fundraising

SEBA completed its first stage of fundraising in September 2018. They were successful in raising 100 million Swiss Francs.

Evidently, the goal at the time of fundraising was very clear. They wanted to create a financial institution for all institutional investors and companies. With this, they also wanted to create traditional banking services to the other needy clients.

Naturally, we can see that SEBA is trying to close the gap between traditional services and digital assets. Buehler didn’t hesitate to say:

“With safety, transparency, and performance as core values, our goal is to become a market leader in the convergence of traditional finance with the crypto economy.”