Established in 1868, St.Galler Kantonalbank (SGKB) was created to serve the banking needs of the local residents and small to medium-sized enterprises within the Canton of St. Gallen, thereby bolstering the region’s economic development.
SGKB has announced the introduction of cryptocurrency trading services, starting with Bitcoin and Ether. This initiative is a result of SGKB’s collaboration with SEBA, a bank specializing in cryptocurrencies, to provide their clientele with digital asset custody and brokerage services.
According to a report by CoinDesk published earlier today, the announcement made yesterday revealed that SGKB’s foray into cryptocurrency trading is currently available to a select group of clients, following a successful testing phase earlier in the year. Initially offering Bitcoin and Ether, the bank is poised to broaden its cryptocurrency portfolio in response to customer interest.
SGKB offers a comprehensive range of services, including retail, commercial, private, and institutional banking. As the fifth-largest bank in Switzerland, SGKB managed assets worth 53.6 billion Swiss francs (approximately $58.9 million) by the end of 2022.
The partnership with SEBA marks SGKB’s inaugural venture into the digital asset domain, with the aim of integrating cryptocurrency transactions seamlessly into their customers’ investment strategies. Falk Kohlmann, the head of market services at SGKB, expressed enthusiasm for the new offering, emphasizing the ease of initial setup and the bank’s commitment to aligning with client needs. He also expressed confidence in SEBA’s ability to provide secure and professional custody for digital assets.
“Thanks to our cooperation with SEBA Bank, we’ve implemented a straightforward initial setup, which allows us to learn and grow well aligned to our clients’ needs. We are confident that our clients’ digital assets are protected by the custody of a professional and certified provider with extensive experience in this field.“
SEBA, SGKB’s partner in this venture, is a global entity regulated in Switzerland, offering services in managing, investing, and storing cryptocurrencies, non-fungible tokens (NFTs), and other digital assets. Since obtaining a banking license from the Swiss Financial Market Supervisory Authority in 2019, SEBA has been actively integrating cryptocurrency services with major private and retail banks, such as LGT Bank Liechtenstein and Bank Julius Baer.
The chief brokerage officer of Another Swiss bank, Dukascopy Bank, which launched its crypto services in September, told Cointelegraph:
“We believe that cryptocurrencies continue to play a significant role in today’s world. We are confident that offering crypto-related services through a regulated bank adds substantial value to the cryptocurrency industry as a whole.“