Switzerland’s fifth largest cantonal bank, St.Galler Kantonalbank (SGKB), has teamed up with SEBA Bank to provide custody and trading services for Bitcoin and Ethereum. This exciting partnership will initially be available to a select group of wealth-management clients at SGKB, with plans to expand the offering to retail customers in the near future.
Meeting Client Demand
In an interview with The Block, Christian Bieri, Head of B2B and Custody Solutions at SEBA Bank, expressed his satisfaction with the collaboration. He said, “St.Galler Kantonalbank and SEBA signed the contract earlier this year, and now SGKB is ready to offer access to cryptocurrencies to a selected group of clients.” Bieri revealed that the bank is currently focusing on bitcoin and Ethereum, but intends to include additional cryptocurrencies based on client demand. “In a first step bitcoin and ether, other currencies will follow shortly,” he explained.
Embracing the Digital Asset Space
This move represents SGKB’s initial venture into the digital asset space, driven by the increasing interest in cryptocurrencies from their clients. The bank views this partnership as a way to adapt to their clients’ evolving financial preferences. Falk Kohlmann, Head of Market Services at SGKB, expressed optimism about the collaboration, stating, “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.”
The collaboration between SGKB and SEBA Bank is part of a broader trend in Switzerland, as more banks are expanding their service portfolios to include cryptocurrency offerings. Previously limited to private and high-profile individuals, these services are now becoming accessible to retail customers, signaling a significant shift in the conventional approach of the Swiss banking sector towards digital assets.
