St.Galler Kantonalbank (SGKB), one of Switzerland’s largest and oldest banks, is diving headfirst into the world of cryptocurrencies. Partnering with SEBA Bank, a global cryptocurrency-focused financial institution, SGKB is now offering its clients the ability to trade Bitcoin and Ether, marking its entry into the digital asset industry.
Founded in 1868, St.Galler Kantonalbank is a well-established Swiss regional bank with a reputation for providing a wide range of financial services, from retail and commercial banking to private and institutional banking. As of the end of 2022, it managed a substantial 53.6 billion Swiss francs ($58.9 million). This partnership with SEBA is a significant leap for SGKB, aligning with the rapidly evolving Swiss crypto ecosystem and its commitment to meeting client demands.
Access to Digital Assets
SGKB’s move into cryptocurrency signifies its dedication to meeting the evolving financial needs of its clients. By collaborating with SEBA, the bank has swiftly implemented a streamlined process for offering digital asset custody and brokerage services. This strategic partnership ensures that SGKB’s clients can seamlessly incorporate cryptocurrencies into their investment portfolios while enjoying the peace of mind that their digital assets are held by a professional and certified provider.
Falk Kohlmann, the head of market services at SGKB, expressed the bank’s enthusiasm, stating, “We are pleased to offer a select client base access to digital assets and the digital economy.” This move is not only a response to the increasing interest in cryptocurrencies but also a recognition of their growing significance in today’s financial landscape.
SEBA Bank: A Pioneer in Crypto Banking
SEBA Bank, SGKB’s crypto partner, is a Swiss-regulated global bank that has been at the forefront of crypto services for both private and retail banks. Having received a banking license from the Swiss Financial Market Supervisory Authority in 2019, SEBA has actively onboarded crypto services for several major financial institutions, including LGT Bank Liechtenstein and Bank Julius Baer.
The introduction of Bitcoin and Ether trading by SGKB is a testament to the expanding embrace of cryptocurrencies in traditional banking. With an evolving Swiss crypto ecosystem, more local banks are stepping into the realm of cryptocurrency services, providing clients with the means to explore the digital economy. This development reinforces the belief that cryptocurrencies are here to stay and will continue to play a significant role in the world’s financial landscape.