St.Galler Kantonalbank (SGKB), one of Switzerland’s largest banks, is embracing the world of cryptocurrencies by introducing Bitcoin and Ether trading services for its clients. The bank has partnered with SEBA Bank, a global cryptocurrency-focused bank, to provide digital asset custody and brokerage services.
This development, announced on November 1, makes cryptocurrency trading immediately available to select SGKB customers. The initiative follows a brief testing period earlier in 2023. While SGKB is commencing its crypto services with Bitcoin and Ether support, the bank plans to expand its offerings to encompass additional cryptocurrencies based on client demand.
St.Galler Kantonalbank, founded in 1868, is a well-known regional Swiss bank that provides an array of services encompassing retail and commercial banking, along with private and institutional banking. At the close of 2022, SGKB oversaw a substantial 53.6 billion Swiss francs (equivalent to approximately $58.9 billion) in assets.
This collaboration with SEBA Bank marks the bank’s entry into the digital asset space, aiming to allow its banking customers to easily integrate cryptocurrencies into their investment portfolios. SEBA, SGKB’s crypto partner, is a globally regulated Swiss bank specializing in the management, investment, and secure storage of cryptocurrencies, nonfungible tokens, and other digital assets. After obtaining a banking license from the Swiss Financial Market Supervisory Authority in 2019, SEBA has been actively providing crypto services to major private and retail banks, including LGT Bank Liechtenstein and Bank Julius Baer.
The Swiss crypto ecosystem has rapidly evolved, with numerous local banks introducing cryptocurrency services. In September 2023, Dukascopy Bank, a licensed Swiss bank, officially launched its crypto-enabled services, including marginal trading and online retail banking accounts. “We believe that cryptocurrencies continue to play a significant role in today’s world,” said Dukascopy Bank’s Chief Brokerage Officer. “We are confident that offering crypto-related services through a regulated bank adds substantial value to the cryptocurrency industry as a whole.”