On Tuesday, SEBA Bank, a finally launched its long-awaited crypto bank in Switzerland.
The startup’s opening arguably represented a significant breakthrough for the Swiss crypto ecosystem. Local crypto-related companies can now access banking services under the umbrella of a regulated financial institution without being marginalized, as is often the case.
While revealing their short-term roadmap, however, CEO Guido Bühler announced that the startup could embark on another fundraising effort to augment the CHF100 million (appr. $101 million) that they raised in an initial funding round.
Although Bühler did not give away much information regarding how far SEBA Bank has gone towards kickstarting the second funding round, he did disclose that they would use the now-famous security token offering (STO) model.
The funding round will, according to a report by SwissInfo, happen within the first half of next year, with Bühler confirming that SEBA Bank will look to raise well more than the $101 million which it raised initially.
The CEO also deliberated on the massive impact that a successful STO funding round could have on the continued adoption of the new mechanism. He reportedly said that it would “raise the STO bar by setting new standards of capital raising by purely digital means.”
Notably, while SEBA Bank maybe the first crypto-focused bank in Switzerland, it certainly is not the only startup considering raising funds via an STO.
Last month, Stmarket.co reported that Reality Gaming Group, the firm behind popular augmented reality (AR) powered combat game, launched its security token offering (STO) targeting a $1.5 million raise.