Switzerland's St.Galler Kantonalbank expands into cryptocurrency
St.Galler Kantonalbank (SGKB), one of Switzerland's largest banks, has announced its entry into the cryptocurrency market by introducing Bitcoin (BTC) and Ether (ETH) trading for its customers. The bank has partnered with SEBA, a global cryptocurrency-focused bank, to offer digital asset custody and brokerage services to its clients.
Immediate availability and plans for expansion
The new crypto service is immediately available to select SGKB customers following a short period of testing earlier this year. Initially, SGKB will support Bitcoin and Ether, but the bank plans to expand its offerings to include other cryptocurrencies based on client demand.
A major move for SGKB
Founded in 1868, St.Galler Kantonalbank is a significant Swiss regional bank that provides retail, commercial, private, and institutional banking services. With a total of 53.6 billion Swiss francs ($58.9 million) managed by the end of 2022, SGKB is reportedly the fifth largest bank in Switzerland. The partnership with SEBA marks the bank's first step into the digital asset industry and aims to give banking customers seamless access to cryptocurrencies within their investment portfolios.
SEBA's role in the partnership
SEBA, a global Swiss-regulated bank, specializes in managing, investing, and storing cryptocurrencies, nonfungible tokens, and other assets. After receiving a banking license from the Swiss Financial Market Supervisory Authority in 2019, SEBA has been actively onboarding crypto services to major private and retail banks, including LGT Bank Liechtenstein and Bank Julius Baer.
The evolving Swiss crypto ecosystem
The Swiss crypto ecosystem has seen significant growth, with many local banks introducing cryptocurrency services. In September 2023, Dukascopy Bank, a licensed Swiss bank, officially launched its crypto-enabled services, including marginal trading and online retail banking accounts. This move by SGKB reflects the belief that cryptocurrencies continue to play a significant role in today's world and that offering crypto-related services through a regulated bank adds substantial value to the cryptocurrency industry as a whole.
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