Swiss Bank SGKB Teams Up with SEBA to Offer Bitcoin and Ethereum Trading
Swiss bank St. Galler Kantonalbank (SGKB) has partnered with crypto-focused bank SEBA to provide Bitcoin (BTC) and Ethereum (ETH) trading services to its customers. The offering is now available to select SGKB customers after a brief testing phase, and the bank plans to expand its cryptocurrency offerings based on client demand.
SEBA Brings Wealth of Experience to SGKB Bitcoin and Ethereum Service
St. Galler Kantonalbank caters to both institutional and retail clients, managing approximately $58.9 million in assets as of the end of 2022. Through its partnership with SEBA, the bank’s customers can now access digital assets within their investment portfolios.
Christian Bieri, SEBA’s Bank Head B2B and Custody Solutions, expressed excitement about the collaboration, stating that SEBA is pleased to support SGKB in expanding its services related to digital assets.
Swiss Banks Absorb Crypto Demand
Swiss banks have been quick to recognize the growing demand for crypto services. Sygnum, another Swiss bank, recently received approval to launch a crypto brokerage service in its Singapore branch due to institutional demand from Web3 fund managers.
The failures of crypto-friendly US banks Silvergate Capital and Signature Bank have also contributed to increased demand for crypto services. Additionally, the rising interest in real-world asset tokenization could further drive the need for digital asset custody solutions.
Hot Take: Real-World Asset Tokenization and Ownership Laws
The concept of real-world asset tokenization involves creating a blockchain representation of physical or digital assets that require secure storage. However, regulatory frameworks have not yet fully addressed the safest approach to storing tokenized assets, such as title deeds.
Companies like Swarm enable DeFi participants to access tokenized bonds and securities stored with trusted custodians. However, ownership laws need revision to accommodate the recognition of digital fractions of real-world assets, according to industry experts.
Overall, SGKB’s collaboration with SEBA is a significant step in meeting the growing demand for cryptocurrency services among Swiss bank customers. As the crypto industry continues to evolve, it is crucial for banks to adapt and provide secure and reliable solutions for their clients’ digital asset needs.
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