St. Galler Kantonalbank (SGKB), a pillar of Swiss banking since 1868, has officially expanded into cryptocurrency services, offering its clients the opportunity to trade and custody bitcoin (btc) and ethereum (eth). This strategic move is facilitated by a partnership with SEBA Bank, a FINMA-regulated entity that specializes in digital assets, as reported by Swiss news outlet CVJ.CH. reports.
Swiss banks launch bitcoin and eth trading
The integration of bitcoin and ethereum offerings places SGKB among the vanguard of Swiss banks embracing the digital asset revolution. Switzerland’s fifth-largest cantonal bank now offers its wealth management clients regulated custody and trading services, and plans to expand these services to retail clients.
SEBA Bank’s head of investment solutions, Christian Bieri, emphasized the trend towards inclusive crypto services: “It is the first bank with a clear retail focus that we have incorporated and an example of the development we are seeing in Switzerland. “This started a few years earlier with wealth management and private banking, and now we are seeing a lot of interest from retail banks as well.”
SGKB’s move comes on the heels of similar offers from other cantonal banks, notably Zuger Kantonalbank, which recently launched a mobile-based crypto service in partnership with Sygnum. With the entry of SGKB, there is a shift in the Swiss banking sector to serve not only high net worth individuals but also the retail market in general.
Falk Kohlmann, head of market services at SGKB, described the bank’s vision in providing these services: “We are pleased to offer access to digital assets and the digital economy to a select group of clients. By working with SEBA Bank, we have created a simple entry point. Thanks to this we have the opportunity to adapt to the needs of our clients and grow.”
The offering is currently limited to bitcoin and ethereum, but includes the option to invest in a wider range of cryptocurrencies at the customer’s request, CVJ.CH has learned. SEBA Bank also supports a variety of other digital assets, offering secure “cold storage” solutions for a secure custody environment.
Surprisingly, the integration of these digital assets is designed to be seamless, allowing SGKB clients to manage their bitcoin and cryptocurrency portfolios alongside traditional assets using existing banking interfaces.
As SGKB advances its digital asset services, the Swiss banking landscape continues to transform, setting a precedent for other institutions in the country. The move is likely to put more pressure on Swiss banks to establish their positions in the growing cryptocurrency sector.
At press time, bitcoin was trading at $35,423.
Featured image from Deposit Photos, chart from TradingView.com
