Switzerland’s St.Galler Kantonalbank (SGKB), one of the country’s largest banks, is venturing into the cryptocurrency space by introducing Bitcoin (BTC) and Ethereum (ETH) trading to its customers.
SGKB has partnered with cryptocurrency-focused global bank SEBA to provide digital asset custody and brokerage services to its clients.
SGKB and SEBA announced the news on November 1, saying the new encryption service will be available immediately to selected SGKB customers following a short-term test earlier this year. Starting with support for Bitcoin and Ethereum, SGKB plans to expand its offerings to other cryptocurrencies based on customer demand.
Founded in 1868, St.Galler Kantonalbank is a major Swiss regional bank that provides retail and commercial banking as well as private and institutional banking. SGKB is Switzerland’s fifth-largest bank, managing a total of 53.6 billion Swiss francs ($58.9 million) at the end of 2022, according to reports.
SGKB’s partnership with SEBA marks the bank’s first step into the digital asset industry, aiming to enable bank customers to seamlessly deposit and withdraw cryptocurrencies in their investment portfolios.
related: Standard Chartered’s cryptocurrency platform Zodia launches in Hong Kong
“We are pleased to offer a select group of customers the opportunity to access digital assets and the digital economy,” said Falk Kohlmann, Head of Market Services at SGKB. He added:
“Thanks to our partnership with SEBA Bank, we have implemented a simple initial setup, which allows us to learn and grow according to our clients’ needs. We are confident that our clients’ digital assets will be protected by the custody of professionals. As well as in this field Certified provider with extensive experience.”
SGKB’s cryptocurrency partner SEBA is a Swiss-regulated global bank responsible for managing, investing, and storing cryptocurrencies, non-fungible tokens, and other assets. After receiving a banking license from the Swiss Financial Market Supervisory Authority in 2019, SEBA has been actively providing crypto services to major private and retail banks such as LGT Liechtenstein Bank and Julius Baer.
Switzerland’s crypto ecosystem has been growing rapidly, with many local banks launching cryptocurrency services. In September 2023, licensed Swiss bank Dukascopy Bank officially launched its cryptocurrency services, including margin trading and online retail bank accounts.
“We believe that cryptocurrencies will continue to play an important role in today’s world,” Dukascopy Bank’s chief brokerage officer told Cointelegraph. The executive added: “We believe that providing crypto-related services through regulated banks can serve the entire cryptocurrency industry. The industry brings huge value.”
Magazine: How to Protect Your Cryptocurrency in Volatile Markets – Bitcoin OGs and Experts Engage
Svlook
