St. Galler Kantonalbank, Switzerland’s fifth-largest cantonal bank, has taken a significant step into the world of digital assets by partnering with SEBA Bank to offer Bitcoin and Ethereum custody and trading services to its clients. This collaboration is a notable move in the ever-evolving crypto landscape.
The announcement comes as part of SGKB’s broader strategy to provide its clients with exposure to the world of cryptocurrencies. For now, the bank is focusing on Bitcoin and Ether, but they have expressed their intention to expand their offerings in response to client demand, potentially incorporating more cryptocurrencies into their service.
SEBA Bank, which holds a banking license from Switzerland’s financial markets regulator, FINMA, is a key player in the digital asset industry. The crypto bank already provides digital asset services to various banking institutions, including private and retail banks such as LGT Bank Liechtenstein and Julius Baer Bank.
SGKB’s decision to partner with SEBA Bank for its digital asset services signals its commitment to offering top-notch solutions to its clients. According to Christian Bieri, Head of B2B and Custody Solutions at SEBA Bank:
We are very pleased to be able to support St. Galler Kantonalbank with our expertise in expanding their services around digital assets.
SGKB’s Debut In The World of Bitcoin & Ethereum
The partnership was sealed earlier this year, followed by a swift implementation project, which has now culminated in the launch of Bitcoin and Ether custody and trading services for a select group of clients.
Falk Kohlmann, Head of Market Services at St. Galler Kantonalbank, highlighted the ease of the initial setup, attributing it to their partnership with SEBA Bank. He explained that their collaboration with SEBA Bank facilitated a seamless initial setup, enabling them to adapt and evolve closely with their clients’ requirements.
Nevertheless, the launch of Bitcoin and Ether custody and trading services by St. Galler Kantonalbank is a significant development in Switzerland’s financial landscape, showcasing the growing acceptance of digital assets in traditional banking institutions.