Hong Kong firm Summer Capital joins crypto investment bank fundraising

08 Oct, 2018
by Richard Allen
Hong Kong firm Summer Capital joins crypto investment bank fundraising

Hong Kong investment firm Summer Capital has pledged a stake in Swiss cryptocurrency investment bank, SEBA Crypto AG. The startup will be the first crypto investment bank, provided its license application is approved by Swiss authorities, South China Morning Post reports.

A spokesman for Summer Capital Jack Chung said he expects SEBA’s application to become a banking and securities dealer to be approved by the Swiss Financial Market Supervisory Authority (FINMA).

Approval would be a major step forward for the development of cryptocurrency banking services, which would also allow SEBA to extend its services to Asian blockchain companies that are finding it difficult to access traditional banks.

Summer Capital, which manages more than $1 billion, has said that it’s also interested in investing in SEBA’s initial coin offering, set for 2019.

SEBA CEO Guido Buhler said that the firm is expecting feedback on its application in Q2 of 2019. Buhler further stated that the bank would initially focus on offering transaction banking, saying:

“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.”

In addition to traditional banking services, SEBA will also provide crypto-asset custodial services for institutional clients. Down the line, the firm will also provide liquidity services to various cryptocurrency exchanges, including those in Asia.

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