Swiss crypto-bank SEBA has reshuffled its board amid reports it is running out of steam, just one year after being granted a banking license.
This content was published on September 25, 2020 – 3:09 PM
SEBA was launched in September 2018 with 100 million Swiss francs ($ 108 million) in seed capital and ambitious plans to bridge the worlds of traditional banking and digital assets. A year later, she obtained a banking license with the competing company Sygnum.
The bank is targeting an additional 100 million francs to expand into other countries, including Singapore, Hong Kong, Great Britain, Germany and France. SEBA has partnered with Tokensoft and Digital Asset Shared Ledger (DASL) to improve its digital asset services and has been chosen by the French central bank to help test digital currencies.
But growth ambitions seem to have hit a hurdle in recent months, culminating in the resignation of President Andreas Amschwand in July. SEBA has been shy about the reasons for Amschwand’s abrupt departure and the amount of additional capital it has been able to raise this year.
On Friday, SEBA announced that PÃ¤ivi Rekonen, a Finnish national residing in Switzerland, had been chosen as the new chairman of the board. Former Swiss National Bank general counsel Hans Kuhn and former UBS banker Sanjeev Karkhanis were also elected to the board of directors at a shareholders’ meeting.
Rekonen has held management positions at UBS and Credit Suisse banks and at the recruitment firm Adecco. She also holds several directorships in companies covering the industrial, cybersecurity, media and software sectors.
Media portal Inside Paradeplatz reported on a number of suspected issues at SEBA, including differences of opinion between senior executives and investors on future strategy. In addition to the departure from Amschwand, SEBA also replaced its COO and CTO this summer.
SEBA was unavailable for comment on Friday.