Swiss Banking Giant SGKB Ventures into Crypto with SEBA Partnership

Published: November 02, 2023 at 5:40 am Updated: November 02, 2023 at 5:40 am

Edited and fact-checked:
November 02, 2023 at 5:40 am

In Brief

In collaboration with SEBA Bank, St. Galler Kantonalbank (SGKB) today introduced custody and trading services for Bitcoin and Ether.

Switzerland’s robust banking sector is showing further signs of embracing cryptocurrency. St. Galler Kantonalbank (SGKB), Switzerland’s fifth-largest cantonal bank, has announced the introduction of bitcoin and ether trading and custody services.

The bank’s move into the digital currency realm comes in partnership with SEBA Bank, one of the leading figures in Switzerland’s cryptocurrency banking sector.

While many traditional banks have been cautious in approaching cryptocurrencies, SGKB took a bold step this week. The bank has initiated its services with bitcoin and ether. It hints at the possibility of widening its spectrum to incorporate other digital currencies in the future, depending on the reception of their initial offering by the clientele.

Christian Bieri, SEBA Bank’s Head of B2B and Custody Solutions, expressed excitement about aiding SGKB in broadening their financial horizons. Bieri highlighted that following their contract’s swift implementation, SGKB is positioned to offer its clientele access to these pioneering assets.

SEBA and SGKB‘s Long-term Plans

The collaboration between SGKB and SEBA is strategic. SEBA Bank brings a wealth of knowledge and holds a prestigious banking license issued by Switzerland’s FINMA. With its expertise, SEBA has been at the forefront, providing pivotal digital asset services to other prominent banking institutions, such as LGT Bank Liechtenstein and Julius Baer Bank.

For SGKB, the partnership signifies its maiden venture into the digital currency environment. Falk Kohlmann, the Head of Market Services at SGKB, highlighted the smooth initial setup that SEBA facilitated and expressed optimism about the bank’s readiness to adapt and grow in response to their clients’ changing needs.

Implications for the Swiss Banking Landscape

SGKB’s foray into digital assets underscores a broader trend within Switzerland’s banking industry. SGKB stands as one of the 24 Swiss cantonal banks, semi-public institutions that form a significant portion of Switzerland’s banking landscape. As such, SGKB’s move may set a precedent for other cantonal banks to consider incorporating cryptocurrency services.

This collaboration reinforces the notion that traditional banking and cryptocurrency can not only coexist but can also thrive symbiotically, especially when supported by the right partnerships.

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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master’s degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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