Switzerland’s St.Galler Kantonalbank (SGKB), a prominent Swiss bank with a legacy dating back to 1868, has embraced the world of cryptocurrencies.
In a strategic move, SGKB has teamed up with SEBA Bank, a global financial institution specializing in cryptocurrencies, to introduce Bitcoin and Ether trading services for its customers.
This groundbreaking development was officially announced on November 1, 2023, marking SGKB’s foray into the digital asset landscape.
Following a successful testing phase earlier in the year, the new cryptocurrency service is now available to select SGKB clients.
Initially, customers can trade and hold Bitcoin and Ether, with plans to expand the offering to include more cryptocurrencies based on market demand.
St.Galler Kantonalbank, often referred to as SGKB, is a Swiss regional bank of considerable significance. It caters to a wide range of clients, offering retail and commercial banking services as well as private and institutional banking solutions.
As of the end of 2022, SGKB managed assets totaling 53.6 billion Swiss francs (approximately $58.9 billion), solidifying its position as the fifth largest bank in Switzerland.
SGKB’s partnership with SEBA Bank is designed to seamlessly integrate cryptocurrencies into its customers’ investment portfolios.
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Falk Kohlmann, the Head of Market Services at SGKB, expressed enthusiasm for this new venture, stating, “We are pleased to offer a select client base access to digital assets and the digital economy.”
He further emphasized the bank’s commitment to meeting the evolving needs of its clients and ensuring the security of their digital assets through SEBA Bank’s expertise.
SEBA Bank, SGKB’s crypto partner, is a Swiss-regulated global financial institution specializing in the management, investment, and custody of cryptocurrencies, nonfungible tokens, and other digital assets.
Having obtained a banking license from the Swiss Financial Market Supervisory Authority in 2019, SEBA has been actively collaborating with major private and retail banks, including LGT Bank Liechtenstein and Bank Julius Baer, to integrate cryptocurrency services.
The Swiss cryptocurrency ecosystem has been rapidly expanding, with numerous local banks embracing digital assets.
In September 2023, Dukascopy Bank, a licensed Swiss bank, launched crypto-enabled services, including marginal trading and online retail banking accounts.
This demonstrates the growing recognition of cryptocurrencies’ importance in the contemporary financial landscape and the value they add when offered through regulated banks.
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