According to The Block: Switzerland’s fifth-largest cantonal bank, St. Galler Kantonalbank (SGKB), has introduced bitcoin and ether custody and trading services in collaboration with SEBA Bank. The services launch marks SGKB's first venture into the digital asset space.
This week, SGKB announced the offering to a select group of clientele, with plans to expand its digital assets services by adding more cryptocurrencies, based on client demand.
Christian Bieri, SEBA Bank Head of B2B and Custody Solutions, expressed his pleasure over supporting SGKB with their expertise in digital assets services expansion. He added that following a short implementation project and a contract signing earlier this year, SGKB is now ready to offer cryptocurrency access, initially to bitcoin and ether, with other currencies to follow shortly.
The partnership with SEBA Bank will facilitate SGKB's clients in integrating cryptocurrencies into their existing investment portfolios. According to Falk Kohlmann, Head of Market Services at St. Galler Kantonalbank, the cooperation has led to a straightforward initial setup that will enable them to learn and grow in line with their clients' requirements.
SGKB is part of the 24 Swiss cantonal banks, partially owned by Switzerland's federal governments. Meanwhile, SEBA Bank, a licensed entity under Switzerland's FINMA financial markets regulator, offers digital asset services to other banking institutions, including both private and retail banks such as LGT Bank Liechtenstein and Julius Baer Bank.
