SEBA Crypto AG, which aims to be the first cryptocurrency investment bank in the world, is looking for a license from the Swiss authorities. Summer Capital, a Hong Kong based firm, is taking a keen interest in the Swiss start-up’s business proposition. Summer Capital will participate in the fundraising for SEBA, which is headquartered in Zug, the municipality in Switzerland that has quickly become the Silicon Valley for Europe, especially for cryptocurrency start-ups.
Waiting for Approval
Jack Chung, Summer Capital spokesman, said that the firm is expecting SEBA to receive a banking and securities dealer license from the Swiss Financial Market Supervisory Authority. Once the firm wins the approval, it will be able to extend cryptocurrency banking services to users. The services can subsequently be extended to Asian blockchain companies, especially to those that are struggling with the traditional banking system.
This is Summer Capital’s first investment in blockchain and cryptocurrency-based businesses. It currently manages a portfolio of over $1 billion. The firm invests in education, consumer technology, logistics, and fintech companies. The firm is expecting to invest in the initial coin offering by SEBA, which is scheduled for 2019.
Chung commented on the upcoming investment, saying:
“We believe we could support SEBA’s plan to expand into Asia, a region where digital asset trading and blockchain projects have been flourishing.”
Other Investors Interested in SEBA
Summer Capital is not the only institutional investor interested in SEBA. Black River Asset Management, a Swiss investment manager worth $100.8 million, is also participating in the series-A funding round. The value of either investor’s contribution to the funding has not been disclosed yet.
SEBA’s chief executive and former head of asset servicing at UBS, Guido Buhler, said that the firm is expecting to receive regulatory approval in the second quarter of next year. It will initially focus on providing transaction banking to users, solving one of the pain points of blockchain companies.
Buhler explained this, saying:
“It has been tough for blockchain start-ups to grow their businesses as they are unable to access the traditional banking system. We are building infrastructure to allow companies to pay salaries in cryptocurrencies and bridging the disconnect between fiat and cryptocurrency payment.”
The company is expected to almost triple its staff from 20 to 55 by the end of the first quarter of 2019. The company will also provide cryptocurrency custody services to its institutional clients.
Investment Firm Summer Capital From Hong Kong Joins SEBA Crypto AG Fundraising was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.