St.Galler Kantonalbank (SGKB) Launches Cryptocurrency Trading Services
St.Galler Kantonalbank (SGKB), established in 1868 to serve the banking needs of local residents and small to medium-sized enterprises in the Canton of St. Gallen, has announced the introduction of cryptocurrency trading services. In collaboration with SEBA, a bank specializing in cryptocurrencies, SGKB will provide its clients with digital asset custody and brokerage services.
Initial Offering: Bitcoin and Ether
SGKB’s foray into cryptocurrency trading is currently available to a select group of clients, following successful testing earlier this year. The bank will initially offer Bitcoin and Ether but plans to expand its cryptocurrency portfolio in response to customer interest.
About SGKB
As the fifth-largest bank in Switzerland, SGKB offers a comprehensive range of services, including retail, commercial, private, and institutional banking. By the end of 2022, SGKB managed assets worth 53.6 billion Swiss francs ($58.9 million).
Partnership with SEBA
The collaboration with SEBA marks SGKB’s first venture into the digital asset domain. Falk Kohlmann, head of market services at SGKB, expressed enthusiasm for the new offering and highlighted SEBA’s ability to provide secure custody for digital assets.
About SEBA
SEBA is a global entity regulated in Switzerland that offers services in managing, investing, and storing cryptocurrencies and other digital assets. Since obtaining a banking license in 2019, SEBA has actively integrated cryptocurrency services with major private and retail banks.
Hot Take: Swiss Banks Embrace Cryptocurrencies
The launch of cryptocurrency trading services by SGKB and other Swiss banks, such as Dukascopy Bank, reflects the growing recognition of cryptocurrencies in the financial industry. By offering regulated crypto-related services, banks add substantial value to the cryptocurrency industry as a whole.
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