The Swiss banking industry has been incredibly receptive to cryptocurrencies and many local banks have added cryptocurrency services to their offerings.
Swiss bank St.Galler Kantonalbank (SGKB) launched bitcoin and Ether trading with plans to add more cryptocurrencies in the future based on customer feedback. The cryptocurrency service is made possible through a partnership with cryptocurrency-focused bank SEBA and comes after a brief testing period earlier this year. Launched on November 1, the service is currently available to a select group of customers.
The service is St.Galler Kantonalbank’s (SGKB) first foray into the digital assets sphere and is designed to allow the bank’s clients to add cryptocurrencies to their portfolios.
“We are pleased to offer a select client base access to digital assets and the digital economy,” said Falk Kohlmann, Head of Market Services at SGKB. bitcoin-ether-trading-seba” target=”_blank” rel=”nofollow noopener”>sayingadding:
“Thanks to our cooperation with SEBA Bank, we have implemented a simple initial configuration, which allows us to learn and grow well aligned with the needs of our clients. “We are confident that our clients’ digital assets are protected by the custody of a professional and certified provider with extensive experience in this field.”
Christian Bieri, head of investment solutions at SEBA Bank, explained that the service will initially be available to SGKB wealth management clients and access will soon be allowed to retail clients. In addition to more cryptocurrencies, the bank also plans to add staking services in the future.
“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,” Bieri. bitcoin–ethereum/” target=”_blank” rel=”nofollow noopener”>said of the association. “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.”
Founded in 1868, St.Galler Kantonalbank is one of the largest banks in Switzerland (ranked fifth) and offers retail and commercial banking, as well as private and institutional banking. As of the end of 2022, the institution was reported to have around 53.6 billion Swiss francs ($58.9 million) in assets under management.
The Swiss banking industry has been incredibly receptive to cryptocurrencies and many local banks have added cryptocurrency services to their offerings. Last month Zuger Kantonalbank crypto-offering-with-sygnum-bank/” target=”_blank” rel=”nofollow noopener”>associated with Sygnum, a business-to-business crypto specialist, to launch a mobile-based crypto service that allows the bank customer to invest in cryptocurrencies such as bitcoin, ethereum, XRP and MATIC.
In September, Swiss chartered bank Dukascopy Bank launched its cryptocurrency-enabled services, including edge trading and online retail bank accounts. The bank’s brokerage director said bitcoin-ether-trading-seba” target=”_blank” rel=”nofollow noopener”>Cointelegraph that “offering cryptocurrency-related services through a regulated bank adds substantial value to the cryptocurrency industry as a whole.”
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Mercy Mutanya is a technology enthusiast, digital marketer, writer and IT business management student. She likes to read, write, do crossword puzzles and watch her favorite television series.
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