Seba, a Zug-based crypto-bank, has started signing on clients in Switzerland and aims to expand its services abroad in December. The company will organize a token offering to finance the growth push next year.
Seba launched its product portfolio on Tuesday for customers based in Switzerland. The crypto-bank provides services including custody storage, trading and wealth management and tokenization of asset, Guido Buehler, chief executive officer at the company, said at a news conference.
The company in a first step is addressing affluent clients in Switzerland who can set aside 100,000 Swiss francs ($100,500). Seba will however also sign up less affluent clients, as well as family offices, asset managers and pension funds.
Foreign Client Acquisition
After the initial launch in Switzerland, which the bank hopes will yield it several hundred clients by the end of the year, the company in December will take the step abroad and sign on clients in a number of selected markets.
Seba won’t offer any special benefits to its first clients or knock-down prices for its service package. Buehler only ventured to say that the account (including a credit card) will cost «less than 500 francs». He added that the service included the entire value chain and life cycle of digital assets, something that he believes makes Seba an attractive proposition.
Further Financing Required
The unique selling point of Seba is the custody solution for digital assets, with the so-called deep cold storage solution fetching an initial fee of no less than 25,000 francs. Seba says the storage was the safest place on earth, making the theft of bitcoin impossible.
Seba is soon going to need more cash to finance its expansion though, having used up a fair bit of the 100 million invested by the anchor shareholders. It now plans to launch a second round of financing in the first half of 2020. The company is developing a plan for a token offering in a bid to collect well over 100 million francs. The token will be designed in a way that makes the buyer a Seba shareholder.
