Founded in 1868, St.Galler Kantonalbank (SGKB) has long been a cornerstone of the local banking industry in the Canton of St.Gallen, Switzerland. It has played an important role in the economic development of the region over the years, meeting the needs of local people and small and medium-sized businesses. In a bold move in line with the evolving financial environment, SGKB has officially announced its entry into the BTC and altcoin market by offering trading services for Bitcoin and Ether. Here are the details…
Bitcoin and altcoin service from a well-established bank
This strategic step is a result of SGKB’s collaboration with SEBA, a leading cryptocurrency-focused bank providing crypto asset custody and brokerage services. This move demonstrates SGKB’s commitment to remaining at the forefront of financial innovation and meeting the digital demands of its customers. The official announcement reported earlier today revealed that SGKB’s foray into cryptocurrency trading is now accessible to a select group of customers, following a successful testing phase earlier in the year. While the initial offering is limited to Bitcoin and Ether, the bank is ready to diversify its cryptocurrency portfolio in response to the evolving needs and interests of its customers.
SGKB, the fifth largest bank in Switzerland, is an important player in the country’s financial world, managing assets worth 53.6 billion Swiss francs (approximately $58.9 million) by the end of 2022. This important asset in the banking sector is expected to have far-reaching impacts as it enters the world of crypto assets. Falk Kohlmann, SGKB’s director of market services, expressed his excitement about the new cryptocurrency offering, highlighting the ease of initial setup and the bank’s commitment to adapting to customer needs. He also expressed confidence in SEBA’s ability to provide secure and professional custody services for crypto assets, saying:
Thanks to our collaboration with SEBA Bank, we have achieved a simple initial setup that allows us to learn and grow in line with our customers’ needs. We are confident that our customers’ digital assets are protected under the supervision of a professional and certified provider with extensive experience in this field.
SGKB effort attracted attention
SGKB’s strategic partner in this effort, SEBA, is a globally recognized organization regulated in Switzerland that offers a comprehensive suite of services for the management, investment and custody of cryptocurrencies, non-fungible tokens (NFTs) and other crypto assets. Following receiving a banking license from the Swiss Financial Market Supervisory Authority in 2019, SEBA has been actively collaborating with major private and retail banks such as LGT Bank Liechtenstein and Bank Julius Baer to seamlessly integrate cryptocurrency services. This move by SGKB is indicative of the broader trend among Swiss financial institutions increasingly embracing cryptocurrency services.