Switzerland’s St.Galler Kantonalbank (SGKB), one of the country’s largest banks, has embraced the world of cryptocurrencies by introducing Bitcoin and Ether trading services for its customers. In a strategic move, SGKB has partnered with SEBA Bank, a global financial institution with a strong focus on cryptocurrencies, to provide digital asset custody and brokerage services.
The official announcement, made on November 1, marked the immediate availability of the new crypto services to select SGKB customers. This launch followed a brief testing phase earlier in 2023. Starting with support for Bitcoin and Ether, SGKB has ambitious plans to expand its cryptocurrency offerings in response to customer demand.
Established in 1868, St.Galler Kantonalbank is a prominent regional Swiss bank known for its retail and commercial banking services, as well as private and institutional banking. As of the end of 2022, SGKB managed assets totaling 53.6 billion Swiss francs (equivalent to $58.9 billion).
This strategic partnership with SEBA Bank represents SGKB’s first significant venture into the digital asset industry. The primary objective is to empower banking customers to seamlessly integrate cryptocurrencies into their investment portfolios. Falk Kohlmann, the head of market services at SGKB, expressed his enthusiasm for the collaboration, stating, “We are pleased to offer a select client base access to digital assets and the digital economy.” He also highlighted the importance of SEBA Bank’s expertise and professionalism in safeguarding clients’ digital assets.
SEBA Bank, SGKB’s cryptocurrency partner, is a globally recognized Swiss-regulated bank specializing in the management, investment, and secure storage of cryptocurrencies, nonfungible tokens, and various other digital assets. Following the acquisition of a banking license from the Swiss Financial Market Supervisory Authority in 2019, SEBA has actively extended its cryptocurrency services to major private and retail banks, including LGT Bank Liechtenstein and Bank Julius Baer.
Switzerland’s crypto ecosystem has rapidly evolved, with numerous local banks introducing cryptocurrency services to cater to the growing demand. In September 2023, Dukascopy Bank, a licensed Swiss bank, officially rolled out its crypto-enabled services, offering features like marginal trading and online retail banking accounts.
Commenting on this trend, the chief brokerage officer of Dukascopy Bank emphasized the continued significance of cryptocurrencies in the modern world. The addition of crypto-related services through a regulated bank is seen as a substantial value addition to the cryptocurrency industry as a whole. This proactive stance from Swiss financial institutions reflects the evolving landscape of digital assets and their growing acceptance in traditional banking and investment sectors.
As SGKB steps into the cryptocurrency arena, it’s evident that Swiss banks are embracing the digital future, and the strategic collaborations with specialized institutions like SEBA Bank pave the way for more individuals and businesses to access and leverage the benefits of cryptocurrencies within their financial portfolios. The continued growth and innovation in the Swiss crypto landscape are poised to shape the future of financial services in the country and beyond.
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