- November 2, 2023
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
St. Galler Kantonalbank (SGKB), a pillar of Swiss banking since 1868, has officially expanded into cryptocurrency services, offering its clients the opportunity to trade and custody Bitcoin (BTC) and Ethereum (ETH). This strategic move is facilitated through a partnership with SEBA Bank, a FINMA-regulated entity specializing in digital assets, as Swiss news outlet CVJ.CH reports.
Swiss Banks Launches Bitcoin And ETH Trading
The integration of Bitcoin and Ethereum offerings places SGKB among the vanguard of Swiss banks embracing the digital asset revolution. The fifth-largest cantonal bank in Switzerland now provides wealth-management clients with regulated custody and trading services, with plans to extend these services to retail customers.
SEBA Bank’s head of investment solutions, Christian Bieri, emphasized the trend towards inclusive crypto services: “It’s the first bank with a clear retail focus that we have onboarded and an example of the development we are seeing in Switzerland. This started some years before with wealth management and private banking, and now we see a lot of interest as well from retail banks.”
SGKB’s move comes on the heels of similar offerings by other cantonal banks, notably Zuger Kantonalbank, which recently launched a mobile-based crypto service in partnership with Sygnum. With SGKB’s entry, there’s an observable shift in the Swiss banking sector to not only cater to high-net-worth individuals but also to the broader retail market.
Falk Kohlmann, Head of Market Services at SGKB, outlined the bank’s vision in providing these services: “We are pleased to offer access to digital assets and the digital economy to a select group of clients. By working with SEBA Bank, we have created an uncomplicated entry point. Thanks to this, we have the opportunity to adapt to the needs of our clients and grow.”
The offering is currently limited to Bitcoin and Ethereum but includes the option for investments in a broader array of cryptocurrencies upon client request, as CVJ.CH has learned. SEBA Bank also supports a variety of other digital assets, offering secure “cold storage” solutions for a secure custody environment.
Remarkably, the integration of these digital assets is designed to be seamless, enabling SGKB clients to manage their Bitcoin and crypto portfolios alongside traditional assets using existing banking interfaces.
As SGKB forges ahead with its digital asset services, the landscape of Swiss banking continues to transform, setting a precedent for other institutions in the country. The move is likely to exert further pressure on Swiss banks to establish their positions in the growing crypto sector.
At press time, Bitcoin traded at $35,423.
