Investisseurs institutionnels soutiennent Crypto Bank

Deal Background

Summer Capital, a Hong Kong-based investment firm with more than $1 billion in assets and headquartered in Zug, Switzerland, participated in the series-A round SEBA Crypto funding. The company did not disclose how much it invested.

Commentary from Summer Capital

Jack Chung, a spokesman for Summer Capital, commented on the deal:

“We believe we could support SEBA’s plan to expand into Asia, a region where digital asset trading and blockchain projects have been flourishing.”

Summer Capital also has exposures in education, fintech, consumer technology firms, and logistics. This is the first blockchain and cryptocurrency portfolio of the company which also plan on investing in initial coin offering by SEBA, slated for 2019.

Opportunity in Digital Banking

SEBA is seen to provide a significant boost in the digital currency banking space once regulators approved its application and licenses. It could soon offer its services to Asian blockchain startups that are struggling to gain access to traditional banking service providers.

Black River Investment

Meanwhile, Black River is reported to have invested $10.8 million in SEBA in the series-A funding round.

Regulatory Outlook

Guido Buhler, a former head of asset servicing at UBS who is now chief executive at SEBA, said they are expecting approval from the Swiss regulatory body in the second quarter of next year. Initially, the company will focus on providing transaction banking, an area of dissatisfaction to a majority of blockchain-focused firms.

Challenges for Blockchain Start-ups

“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.”