Known since 1868 as a pillar of banking in Switzerland, St. Galler Kantonalbank (SGKB) has decided to immerse itself in the world of cryptocurrencies. By partnering with SEBA Bank, SGKB is offering its clients the opportunity to trade and store cryptocurrencies such as Bitcoin and Ethereum.
St. Galler Kantonalbank (SGKB), having been a core part of Swiss banking for years, has officially entered the world of cryptocurrencies. The new offer allows customers the ability to trade as well as securely store Bitcoins (BTC) and Ethereum (ETH). This strategic step became possible through a partnership with SEBA Bank – an institution regulated by FINMA and specializing in digital assets, as reported by the Swiss source CVJ.CH.
SGKB, by integrating with Bitcoin and Ethereum, has joined the ranks of pioneering Swiss banks that are actively participating in the digital asset revolution. The fifth-largest cantonal bank in Switzerland now offers asset management sector clients regulated custody and trading services and plans to extend these services to individual customers in the near future.
As Christian Bieri, the head of investment solutions at SEBA Bank, emphasizes, there is a trend towards the inclusion of cryptocurrency services: “SGKB is the first bank with a clear retail profile that has started cooperation with us. There is an evolution of interest that began a few years ago with asset management and now also includes retail banks.”
SGKB’s decision is in line with the actions of other cantonal banks, particularly Zuger Kantonalbank, which recently introduced a mobile cryptocurrency service in cooperation with Sygnum. With SGKB’s entry into the cryptocurrency market, there is a clear shift in the Swiss banking sector, which is beginning to satisfy not only the needs of the wealthy but also the broader retail market.
Falk Kohlmann, head of market services at SGKB, presents the bank’s vision in providing these services: “We are delighted to offer access to digital assets. In cooperation with SEBA Bank, we have created an easy entry into the world of cryptocurrencies. This allows us to adapt to our clients’ needs and evolve.”
Although the offering currently focuses primarily on Bitcoin and Ethereum, there is a possibility to invest in a wider range of cryptocurrencies at the customer’s request, as CVJ.CH learned. SEBA Bank also offers a variety of other digital assets, while providing secure “cold storage” solutions for the storage environment.
It is worth emphasizing that the integration of these digital assets is meant to be seamless, allowing SGKB customers to manage their cryptocurrency portfolio alongside traditional assets, using existing banking interfaces.
As SGKB develops its digital asset services, the Swiss banking landscape continues to change, creating a precedent for other institutions in the country. This is likely to put greater pressure on Swiss banks to establish their stance in the growing cryptocurrency sector.
At the time of the article’s publication, Bitcoin was quoted at USD 35,052.67.
