Swiss Banking Giants Unite: St.Galler Kantonalbank Joins Forces with SEBA Bank for Digital Asset Services
In a significant move towards the widespread adoption of digital assets and crypto-related services in Switzerland, St.Galler Kantonalbank (SGKB), one of the country’s five largest cantonal banks, has officially announced its collaboration with SEBA Bank, a renowned global crypto bank. This partnership aims to provide innovative financial solutions related to digital assets, including cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), to SGKB’s clientele.
SEBA Bank, headquartered in Zug and holding a FINMA banking license since 2019, is among the pioneering institutions that have played a pivotal role in introducing digital assets to the Swiss financial landscape. The bank offers a wide range of tailored B2B solutions designed to cater to various institutions, from private and retail banks to financial giants like LGT Bank Liechtenstein and Bank Julius Baer. Now, with SGKB as its latest partner, SEBA Bank has expanded its institutional-grade crypto custody services, further advancing the adoption of digital assets within the Swiss market.
We are delighted to announce our new partnership with St.Galler Kantonalbank (SGKB), to enable digital asset custody and brokerage services for SGKB’s clients. This collaboration marks a significant milestone in adopting digital assets and crypto-related services in Switzerland.… pic.twitter.com/syVeb0V5t5
— SEBA Bank AG (@WeAreSEBA) November 2, 2023
Christian Bieri, Head of B2B & Custody Solutions at SEBA Bank, expressed his enthusiasm for the collaboration, stating, “As a licensed and FINMA-regulated Swiss bank specializing in cryptocurrencies and digital assets, we enable banks and their clients to securely manage both traditional and digital assets. The comprehensive banking services, combined with the robust security standards expected of a Swiss financial institution, make SEBA Bank’s offerings truly unique. We are delighted to support St.Galler Kantonalbank in extending their services to encompass digital assets.”
For SGKB, this partnership represents a significant step into the realm of digital assets and crypto-related services. Aligned with SGKB’s commitment to innovation and customer satisfaction, this collaboration empowers the bank’s clients to seamlessly integrate cryptocurrencies like Bitcoin and Ethereum into their existing investment portfolios. SGKB is initially launching custody and trading services for Bitcoin (BTC) and Ethereum (ETH) to a select group of clients, with plans to expand its offerings to include additional cryptocurrencies in response to client demand.
Falk Kohlmann, Head of Market Services at St.Galler Kantonalbank, expressed his optimism about the venture, saying, “We are pleased to offer a select client base access to digital assets and the digital economy. 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. 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.”
This partnership between SGKB and SEBA Bank marks an important milestone in Switzerland’s financial industry, as it signifies the growing acceptance of digital assets and blockchain technology. With SEBA Bank’s expertise and the support of SGKB, clients will have the opportunity to diversify their investment portfolios with cryptocurrencies, further strengthening Switzerland’s position as a hub for cutting-edge financial services in the digital age.
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