Key Takeaways:
- Seba Bank picked up $119M in a funding round co-led by venture capital firm Red Acre Ventures.
- The raise followed a Series B token issue and a $101M seed capital to set the firm’s foundations.
Seba Bank Fundraising Closes at $119M
Seba Bank, a Swiss banking institution with direct exposure to digital assets, successfully closed its $119M series C funding round, co-led by venture capital firm Red Acre Ventures. Other participants in the fundraising included crypto exchanges, Trading Houses, and venture companies Ordway Selections, Summer Capital, and Altive.
The capital raise will be used to attract more institutional investors to the digital asset space as well as to help the company establish a presence in new locations around the world. Seba Bank will also use the funds to hire new talent, tasked with the mission of propelling digital currencies into traditional financial systems.
Seba Bank completed a Series B round in December 2020 by issuing security tokens. The raise was preceded by a $101M seed funding in late 2018 which helped set the firm’s foundations.
Seba Bank as an Industry Trailblazer
Seba Bank is the first crypto-native banking institution in Switzerland to obtain a digital asset custody license from the country’s financial watchdog – the Financial Market Supervisory Authority. With that in hand, and the increased operational liquidity, the firm aims to position itself at the intersection between cryptocurrencies and legacy money.
The financial institution, helmed by CEO Guido Buehler, recently rolled out its yield-bearing program for individual and institutional crypto holders who want to collect interest on their crypto deposits. Further, Seba Bank launched its own regulated gold token that users can swap for physical gold and vice versa.
Outlook According to Red Acre Ventures
With the backing of Red Acre Ventures, Seba Bank will speed up its expansion, bringing the future of money one step forward. The adoption of digital currencies can have significant implications for traditional finance, such as better financial inclusion, flexible payment systems, and infrastructure innovation.
All of the above are key goals for Red Acre Ventures, a fast-rising powerhouse in the field of venture capital. The firm already boasts leadership in several key fundraising rounds with a focus on disruptive tech, blockchain, and financial services.
Through the capital injection in Seba Bank, Red Acre Ventures expects to see lower entry barriers to the crypto space, making it easier than ever for users to join this burgeoning corner of global markets.