With intentions to add other coins in the future, St. Galler Kantonalbank in Switzerland has started offering Bitcoin and Ether trading to a small group of consumers.
In order to provide its clients with digital asset custody and brokerage services, SGKB has teamed with SEBA Bank, a worldwide bank that focuses on cryptocurrencies.
Following a brief testing phase earlier in 2023, SGKB and SEBA announced on November 1st that the new crypto service is now accessible to a limited number of SGKB users.
Based on customer demand, SGKB intends to expand its capabilities to include support for new cryptocurrencies in addition to Bitcoin and Ether.
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St. Galler Kantonalbank is a significant regional bank in Switzerland that was established in 1868 and provides institutional, private, and retail banking services.
With a total of 53.6 billion Swiss francs ($58.9 billion) in assets under management as of the end of 2022, SGKB is purportedly the fifth largest bank in Switzerland.
SEBA Bank Joins Crypto Revolution with Bitcoin and Ether Trading,SEBA Bank Joins Crypto Revolution with Bitcoin and Ether Trading
With this agreement, SGKB enters the digital asset market for the first time, with the goal of enabling banking clients to easily incorporate cryptocurrency into their financial portfolios.
The worldwide Swiss-regulated bank SEBA, SGKB’s cryptocurrency partner, is responsible for administering, investing in, and holding cryptocurrencies, nonfungible tokens, and other assets.
Major private and retail banks, such as LGT Bank Liechtenstein and Bank Julius Baer, have been aggressively onboarding SEBA’s cryptocurrency services since the company was granted a banking licence by the Swiss Financial Market Supervisory Authority in 2019.
With the introduction of cryptocurrency services by several local banks, the Swiss crypto ecosystem has developed quickly. Dukascopy Bank, a licenced Swiss bank, formally introduced its cryptocurrency-enabled services, including as online retail banking accounts and minor trading, in September 2023.
According to the chief brokerage officer of Dukascopy Bank, “we believe that cryptocurrencies continue to play a significant role in today’s world,” Cointelegraph was informed.
The CEO said, “We are convinced that providing cryptocurrency-related services through a regulated bank adds substantial value to the cryptocurrency industry as a whole.”
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