Switzerland’s SEBA bank successfully completes a series B fundraiser, giving further merit to the notion that the country is becoming a hub for cryptocurrency business.
The Swiss start-up bank has officially completed its second stage of capital fundraising. The institution which sells cryptocurrencies to its customers has been planning the Series B phase since January this year.
According to an official publication, the bank has just executed its Extraordinary General Meeting, approving the finalization of the consequent stage of its additional capital raise.
All of the bank’s key shareholders, plus new investors from Switzerland, Europe, and Asia, have participated in the fundraiser. The bank said it is prepared to focus on further pursuing its domestic and international development towards a digital economy.
During its initial fundraising stage, SEBA managed to collect 100 million Swiss francs ($103M). Alongside that, the Swiss Financial Market Authority (FINMA) granted the institution with a banking and securities dealer license. That was the first case when a reputed regulatory authority in the country grants a banking license to a financial services provider with a primary focus on digital assets.
The regulator’s consent allowed SEBA to enable its professional and institutional customers to invest, safely keep, trade, and borrow traditional and digital assets, including the right to issue tokens.
“I am delighted that the strengths of SEBA Bank and its track record in 2020 were recognized by our existing key shareholders and new investors, leading them to participate in a second capital raise. This support will allow us to accelerate the strong growth SEBA Bank is delivering as we also plan to expand into new markets in the Middle East and Asia and support US institutional clients”, said CEO of SEBA Bank Guido Bühler.
SEBA Bank will tokenize its Series B fundraising shares soon after the expected blockchain law will come into force in the country.
In September this year, the Swiss senate passed new bill aiming at a better regulation of cryptocurrencies.
The upcoming set of financial reforms were announced to provide a clear legal framework regarding cryptocurrency trading and their relation to securities laws. The new regulations might come into effect in 2021 and are expected to give Switzerland the most advanced blockchain regulatory setting in the world.
As proof of its intention towards blockchain and cryptocurrencies, one of the country’s cantons – Zug – announced it would allow taxpayers to pay their taxes in Bitcoin (BTC) and Ethereum (ETH). As CryptoPotato reported, the project will be focusing on both individuals and companies, leaving them the choice to pay their taxes in cryptocurrencies to the tune of CHF 100,000 ($110,000).