Julius Baer-Backed Crypto Banking Platform Raises Almost $120 Million
SEBA Bank AG, which runs an online bank focused on digital assets, raised 110 million Swiss francs ($119 million) in a funding round, riding a wave of investor enthusiasm that’s seen record amounts of venture capital flow into the crypto sector.
The Series C round included existing investor Julius Baer Group Ltd. as well as Alameda Research, Altive and DeFi Technologies, according to a statement from SEBA Bank on Wednesday. The firm didn’t disclose how much the financing values it at. It will use the money to expand in Asia-Pacific and the Middle East, and to bolster product offerings geared toward institutions.
Venture capital firms poured roughly $30 billion into crypto in 2021, more than in all previous years combined, according to PitchBook Data Inc. As regulators move to assert more control over digital assets, investors are turning their attention to companies that cater to institutional investors.
Competitor Sygnum, based in Switzerland and Singapore, last week announced it raised $90 million in a round that valued it at $800 million.
“As we see more jurisdictions move closer to enacting their own digital asset regulation, this certainty will lead to greater demand among institutional players for access to institutional-grade digital asset products and services,” said Guido Buehler, chief executive officer of SEBA Bank, in emailed comments.
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