Hong Kong firm Summer Capital joins fundraising for Swiss crypto-bank SEBA Crypto AG

Hong Kong investment firm Summer Capital has taken a stake in start-up SEBA Crypto AG, which aspires to be the first cryptocurrency investment bank, pending approval of its license application before Swiss authorities.

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.

The investment is the first by Summer Capital in the areas of blockchain and cryptocurrency. Summer Capital, which manages more than US$1 billion, may also invest in an initial coin offering by SEBA, slated for 2019.

“We believe we could support SEBA’s plan to expand into Asia, a region where digital asset trading and blockchain projects have been flourishing,” said Chung. Summer Capital also invests in fintech, education, logistics and consumer technology companies.

Another institutional investor in the series-A funding round, worth 100 million Swiss francs (US$100.8 million) is Swiss investment manager Black River Asset Management. Chung declined to say how much Summer Capital had invested.