Switzerland’s St.Galler Kantonalbank (SGKB), a leading Swiss bank founded in 1868, has embraced the digital revolution by teaming up with SEBA, a global cryptocurrency-focused bank. The collaboration marks SGKB’s entry into the cryptocurrency space. Now, the bank offers its clients access to Bitcoin and Ether trading along with digital asset custody and brokerage services.
Immediate Availability for Select Customers
The announcement, made on Nov. 1, revealed that SGKB’s new crypto services are now accessible to a select group of customers. Following a successful testing period earlier this year, the bank plans to expand its offerings beyond Bitcoin and Ether. Furthermore, tailoring its cryptocurrency portfolio based on client demand.
SGKB’s Strategic Move into Digital Assets
As the fifth-largest bank in Switzerland, managing a substantial 53.6 billion Swiss francs ($58.9 million) by the end of 2022, SGKB recognizes the evolving landscape. This strategic partnership with SEBA positions SGKB to cater to the increasing demand for digital assets within investment portfolios.
SEBA, a Swiss-regulated bank specializing in managing, investing, and storing cryptocurrencies, brings a wealth of experience to the collaboration. Having obtained a banking license from the Swiss Financial Market Supervisory Authority in 2019, SEBA has successfully integrated crypto services into major private and retail banks. This includes LGT Bank Liechtenstein and Bank Julius Baer.
Confidence in Digital Asset Security
Falk Kohlmann, SGKB’s Head of Market Services, further expressed confidence in the partnership, emphasizing the importance of safeguarding clients’ digital assets. Notably, the collaboration ensures that SGKB’s clients benefit from the custody of a professional and certified provider with extensive experience in the field.
Swiss Crypto Ecosystem Flourishes
The move by SGKB follows the trend of Swiss banks embracing cryptocurrency services. Dukascopy Bank, a licensed Swiss bank, recently launched crypto-enabled services in September 2023, encompassing marginal trading and online retail banking accounts. The growing acceptance of cryptocurrencies reflects their significant role in today’s world.
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