St.Galler Kantonalbank (SGKB), one of Switzerland's largest banks, is making its entry into the cryptocurrency realm by introducing Bitcoin and Ethereum transactions for its customers. This move is made possible through a collaboration with SEBA, a global bank that specializes in cryptocurrencies. SGKB intends to provide digital asset custody and brokerage services to its clients through this partnership.
The announcement, made on November 1, revealed that the new crypto service will be available to selected SGKB customers after a brief testing period in early 2023. Initially, the offering will cover Bitcoin and Ethereum, but the bank plans to expand its cryptocurrency support based on customer demand. Founded in 1868, St.Galler Kantonalbank is a prominent Swiss regional bank that offers a range of financial services, including retail and business banking, as well as private and institutional banking.
This partnership with SEBA marks SGKB's first foray into the digital assets industry, aiming to provide its customers with easy access to cryptocurrencies as part of their investment portfolios. Falk Kohlmann, Head of Market Services at SGKB, expressed enthusiasm for offering selected customers access to digital assets and the digital economy. He highlighted that the partnership with SEBA allows SGKB to create a straightforward setup and adapt to customer needs while ensuring professional certification and extensive experience in digital asset custody for their clients.
SEBA, SGKB's cryptocurrency partner, is a Swiss-regulated global bank specializing in managing, investing, and safeguarding cryptocurrencies, as well as non-fungible tokens and other digital assets. Since obtaining a banking license from the Swiss Financial Market Supervisory Authority in 2019, SEBA has actively provided crypto services to major private and retail banks, including LGT Liechtenstein and Julius Baer.
Switzerland's crypto ecosystem has been experiencing significant growth, with numerous local banks launching cryptocurrency services. In September 2023, Dukascopy Bank, a licensed Swiss bank, officially rolled out cryptocurrency services that include margin trading and online retail bank accounts. The financial industry in Switzerland believes that cryptocurrencies will continue to have a crucial role, and regulated banks are seen as valuable contributors to the growth and development of the cryptocurrency sector.
