SEBA Bank Plans to Raise Headcount in Singapore and Hong Kong Amid Cryptocurrency Sell-Off

Digital assets-focused arm of Julius Baer Group Ltd is ramping up Asia hiring, particularly in Hong Kong and Singapore. SEBA Bank AG, the online bank backed by Julius Baer, is planning to more than double its Asia headcount, Bloomberg News has reported.

As per the report, SEBA Bank is looking to raise the headcount to "more than 20" in Hong Kong and Singapore, the report said, citing Eugene Sun, the bank's head for corporate development in Asia.

Opportunity Amid Sell-off

"We are finding the selloff to provide an opportunity commercially and in the war for talent, as clients and talent alike seek a more secure and more regulated platform for the promising future of digital assets," said Sun.

Bitcoin Cryptocurrency

The news comes as a welcome break amid the cryptocurrency sell-off. According to TechChrunch, the fintech industry accounted for the largest number of layoffs as of the second quarter of 2022. This is in stark contrast to the year before when fintech companies earned the distinction of getting the largest share of venture capital funds globally. In a nutshell, while fintech firms received $131.5 billion across 4,969 deals in 2021, a year later, the same industry has topped the layoff chart, accounting for 15.4 percent layoffs in the first half of 2022.

Raising Funds

Bucking the trend, SEBA Bank raised 110 million Swiss francs ($119 million) this year. Julius Baer and DeFi Technologies were among those participated in the funding round.

SEBA Bank is a licensed and FINMA regulated Swiss bank with a core competence in cryptocurrencies and digital assets. SEBA Bank says it supports a range of investment services including: trading in over 14 cryptocurrencies, a comprehensive crypto yield offering, SEBA Earn, and the SEBA Gold Token, an innovative digital token backed by physical Swiss gold. SEBA Bank's ISAE 3402 certified hot and cold storage custody solutions will enable LGT and its clients to benefit from the highest security standards in the safekeeping of their digital assets and private keys.