Summer Capital Acquires Stake in Pending ‘Cryptocurrency Investment Bank’
Hong Kong-based investment firm Summer Capital is betting that regulators will allow SEBA Crypto AG to become the world’s first crypto investment bank, according to the SCMP:
Summer Capital spokesman Jack Chung said he expects SEBA, which is headquartered in the affluent Swiss municipality of Zug, to receive approval as a banking and securities dealer by the Swiss Financial Market Supervisory Authority.
Approval by regulators will support the development of cryptocurrency banking services, enabling SEBA to subsequently extend its services to Asian blockchain companies struggling to access the traditional banking system.
SEBA chief executive Guido Buhler said that his firm expects regulatory approval in the second quarter of 2019, adding that the company will initially focus on offering transaction banking:
“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,” he said.
Summer Capital’s Chung meanwhile says that the firm believes it “could support SEBA’s plan to expand into Asia, a region where digital asset trading and blockchain projects have been flourishing.”
This the first time Summer Capital has invested in the blockchain and cryptocurrency space. Historically, the firm has invested in fintech, logistics, consumer tech, and education companies. How much the firm, which currently manages over $1 billion, invested in SEBA was not disclosed, though we do know that the round was worth CHF100 million and that Swiss investment manager Black River Asset Management was also an investor.