Swiss Banking Giant SGKB Steps into Crypto Trading with SEBA Partnership
Summary:
St.Galler Kantonalbank (SGKB), one of Switzerland's largest banks, is collaborating with global cryptocurrency-focused bank SEBA to launch Bitcoin and Ether trading services. Following a trial period, the new cryptocurrency service has been introduced to select SGKB clients. The partnership with SEBA marks SGKB's first foray into digital assets, as it aims to integrate crypto into its customers' investment portfolios. The move is part of a growing trend in the Swiss banking industry towards crypto-related services.
St.Galler Kantonalbank (SGKB), a prominent banking institution in Switzerland, is extending its reach into the cryptocurrency arena with the launch of Bitcoin (BTC) and Ether (ETH) trading services for its patrons. To provide these new digital asset custody and brokerage services, SGKB is collaborating with the internationally recognized crypto-focused bank, SEBA. Revealed on November 1st, the crypto service has been promptly offered to a select group of SGKB customers following a brief testing phase earlier in the year. SGKB, founded in 1868, is a significant player in Switzerland's banking industry, providing a range of services, including retail, commercial, private, and institutional banking. It ranks as the fifth largest bank in Switzerland, managing approximately 53.6 billion Swiss francs ($58.9 million) by the close of 2022. The collaboration with SEBA marks SGKB's maiden venture into the digital asset space. Its objective is to facilitate a smooth conversion for its banking customers to include cryptocurrencies in their investment portfolio. Falk Kohlmann, the head of market services at SGKB, highlighted the value that SEBA's expertise lends to the initiative, stating it provides safeguards for their clients' digital assets. On the other hand, SEBA is under Swiss regulation and handles a broad range of services, including asset management and storage of cryptocurrencies, and nonfungible tokens. Valued institutions like LGT Bank Liechtenstein and Bank Julius Baer have benefited from SEBA'S array of crypto services since it received a banking license back in 2019. The crypto sphere is rapidly developing across Switzerland as more banks continue to roll out crypto services. In 2023, Dukascopy Bank, another licensed Swiss institution, initiated its cryptocurrency services provision, which included margined trading and online retail banking accounts. A chief brokerage officer at Dukascopy Bank told Cointelergraph of their belief in the continued relevance of cryptocurrencies, stating that offering these services via a regulated bank offers extensive value to the overall crypto industry.
Published At
11/2/2023 8:37:10 AM
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