Switzerland-based cryptocurrency company SEBA Bank has opened a new office in Abu Dhabi Global Market (ADGM) free zone in the United Arab Emirates (UAE). The new branch will focus on operations, sales and business development for the Middle East region.

In January 2022, SEBA Bank closed a $120m (SFr111.12m) series C funding round. The company plans to use the fresh capital to expand internationally, increase its headcount and launch new products and services.

In a press release chief executive officer Guido Buehler said: “Backed by the UAE’s sovereign wealth fund, Mubadala Investment Company, Abu Dhabi’s international financial services centre ADGM is a leading global hub for driving innovation in technology and business development and will offer valuable support in meeting our growth objectives for the region. Our new office in the thriving business and financial district on Al Maryah Island will serve as a strategic hub for SEBA Bank to cater effectively to the evolving needs of our customers in the UAE and across the region.”

In addition, the UAE government’s focus on digital assets and blockchain influenced SEBA Bank’s decision to establish an office in the country. The Emirates Blockchain Strategy 2022 provides a clear plan for developing the UAE’s status as a global hub for blockchain innovation.