Switzerland’s St.Galler Kantonalbank (SGKB) has announced its entry into the cryptocurrency space by offering Bitcoin (BTC) and Ether (ETH) trading to its customers. The bank has partnered with SEBA, a global cryptocurrency-focused bank, to provide digital asset custody and brokerage services.
SGKB, founded in 1868, is one of the largest banks in Switzerland, offering a range of banking services to retail, commercial, private, and institutional clients. With a total asset management of 53.6 billion Swiss francs ($58.9 million) by the end of 2022, SGKB is a major player in the Swiss banking industry.
This partnership with SEBA marks SGKB’s first foray into the digital asset industry, aiming to enable its banking customers to seamlessly access cryptocurrencies as part of their investment portfolios. The initial phase will focus on Bitcoin and Ether support, with plans to expand offerings to other cryptocurrencies based on client demand.
Falk Kohlmann, SGKB’s head of market services, expressed enthusiasm for the new venture, stating, “We are pleased to offer a select client base access to digital assets and the digital economy.” Kohlmann also highlighted the importance of partnering with SEBA, a professional and certified provider with extensive experience in the field of cryptocurrency custody.
SEBA, a Swiss-regulated bank, obtained a banking license from the Swiss Financial Market Supervisory Authority in 2019. Since then, it has been actively onboarding crypto services for major private and retail banks, including LGT Bank Liechtenstein and Bank Julius Baer. SEBA specializes in managing, investing, and storing cryptocurrencies, nonfungible tokens, and other assets.
The move by SGKB reflects the rapid evolution of the Swiss crypto ecosystem, with many local banks introducing cryptocurrency services. In September 2023, Dukascopy Bank, a licensed Swiss bank, launched its crypto-enabled services, including marginal trading and online retail banking accounts.
The increasing adoption of cryptocurrencies by established financial institutions highlights the growing significance of digital assets in today’s world. SGKB and SEBA’s collaboration aims to provide a secure and regulated platform for customers to engage with cryptocurrencies, adding substantial value to the cryptocurrency industry as a whole.
As the crypto industry continues to evolve, it is expected that more banks and financial institutions worldwide will explore opportunities to offer similar services, meeting the growing demand from customers for digital asset accessibility.
More detail via Cointelegraph here… ( Image via Cointelegraph )