This article comes fromThe Block, by Yogita Khatri

Odaily Translator |

Odaily Translator |

Switzerland-based crypto bank SEBA has completed a Series B funding round.

Sandra Frank Dudler, SEBA's chief marketing officer, said the round was valued at CHF 20 million (about $22.5 million).The bank did not disclose who financed the round.

But Dudler said "all existing key shareholders and new shareholders" from Switzerland, Europe and Asia participated in the financing.Media outlet Finews reported in September citing two sources,

The Swiss banking regulator FINMA is said to have recently been disturbed by SEBA's strong support from Asian investors, and the regulator wants SEBA to ensure that as much as half of the new funding round comes from Swiss investors.

It's unclear what the bank's final funding for the Series B round will be, and Dudler said the bank's policy is not to disclose investor details.SEBA's CHF 100 million (worth USD 103 million at the time) financing。

have to be aware of is,have to be aware of is,SEBA originally planned to raise 100 million Swiss francs in January this year

, but ultimately only raised 20 million Swiss francs. When asked why he scaled back the funding round, Dudler said, "We've raised enough capital to meet the needs of the company to drive accelerated growth through 2021."

As for its growth plans, SEBA is looking to expand domestically and internationally while increasing its lending capacity and introducing new products and services to the market.

SEBA said it will also tokenize shares in its Series B funding round “shortly” after Swiss blockchain law comes into effect on February 1, 2021.Several key problems have arisen for the bank in recent months.Chairman Andreas Amschwand left SEBA abruptly in July. Board member, son of former Singapore Prime Minister Goh Chok Tong。