One of Switzerland’s largest cantonal banks has launched digital asset custody and brokerage services for its clients, in partnership with SEBA Bank.
This week, St. Galler Kantonalbank announced the launch of custody and trading services for bitcoin and ether to a select group of clients. SGKB added that it has plans to expand its digital asset offerings with the addition of more cryptocurrencies, based on client demand.
SGKB is using Swiss-based SEBA Bank to provide digital asset brokerage and custody services.
"We are very pleased to be able to support St.Galler Kantonalbank with our expertise in expanding their services around digital assets," SEBA Bank Head B2B and Custody Solutions Christian Bieri said.
"St.Galler Kantonalbank and SEBA signed the contract earlier this year, after a short implementation project, SGKB is now ready to offer access to cryptocurrencies to a selected group of clients, in a first step bitcoin and ether, other currencies will follow shortly," Bieri told The Block.
Existing investment portfolios
This week's launch marks the first step for SGKB into the digital asset space. The fifth-largest Swiss cantonal bank stated the partnership with SEBA Bank will help its clients integrate cryptocurrencies into their existing investment portfolios.
"Thanks to our cooperation with SEBA Bank, we’ve implemented a straightforward initial setup, which allows us to learn and grow well aligned to our clients’ needs," St. Galler Kantonalbank Head of Market Services Falk Kohlmann said.
SGKB is one of 24 Swiss cantonal banks, which are commercial institutions partially owned by the federal governments of Switzerland.
SEBA Bank holds a banking license from Switzerland's FINMA financial markets regulator. The crypto bank provides digital asset services for other banking institutions, including both private and retail banks, such as LGT Bank Liechtenstein and Julius Baer Bank.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.