Swiss Bank SGKB Partners with SEBA Bank to Offer Cryptocurrency Trading
Switzerland’s St.Galler Kantonalbank (SGKB), one of the largest banks in the country, has entered the cryptocurrency market by introducing Bitcoin (BTC) and Ether (ETH) trading to its customers. To provide these services, SGKB has partnered with SEBA Bank, a global cryptocurrency-focused bank. The collaboration allows SGKB clients to access digital asset custody and brokerage services.
The announcement was made on November 1, with SGKB and SEBA revealing that the new crypto service is now available to select customers after undergoing testing earlier in 2023. Initially, Bitcoin and Ether will be supported, but SGKB plans to expand its offerings based on customer demand.
About St.Galler Kantonalbank and SEBA Bank
St.Galler Kantonalbank, founded in 1868, is a major Swiss regional bank that offers retail and commercial banking as well as private and institutional banking. With CHF 53.6 billion ($58.9 billion) in assets under management at the end of 2022, SGKB is the fifth largest bank in Switzerland.
SEBA Bank, SGKB’s crypto partner, is a global Swiss-regulated bank specializing in managing, investing, and storing cryptocurrencies and other assets. It obtained a banking license from the Swiss Financial Market Supervisory Authority in 2019 and has since been providing crypto services to various private and retail banks.
The Growing Crypto Ecosystem in Switzerland
The Swiss crypto ecosystem has been rapidly evolving, with many local banks introducing cryptocurrency services. In September 2023, Dukascopy Bank became a licensed Swiss bank that offers crypto-enabled services such as marginal trading and online retail banking accounts.
According to Dukascopy Bank’s chief brokerage officer, offering crypto-related services through a regulated bank adds significant value to the cryptocurrency industry as a whole.
Hot Take: SGKB Expands into Crypto with SEBA Partnership
Switzerland’s St.Galler Kantonalbank (SGKB) has taken its first step into the world of cryptocurrencies by partnering with SEBA Bank. Through this collaboration, SGKB aims to provide its customers with access to digital assets and the digital economy. By leveraging SEBA Bank’s expertise and experience in the field, SGKB ensures that its clients’ digital assets are protected and managed by a certified provider.
This move by SGKB demonstrates the increasing adoption of cryptocurrencies within the traditional banking sector in Switzerland. As more banks embrace digital assets, it further validates the role of cryptocurrencies in today’s world. The partnership between SGKB and SEBA Bank is a significant development in the country’s crypto ecosystem and paves the way for future collaborations between traditional banks and crypto-focused institutions.
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