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Switzerland's St. Galler Kantonalbank (SGKB), one of the largest banks in the country, is getting into cryptocurrency by introducing Bitcoin (BTC) and Ether (ETH) trading to its customers.

SGKB has partnered with global cryptocurrency-focused Seba Bank to provide digital asset protection and brokerage services to its clients.

Announcing the news on November 1, SGKB and SEBA announced that the new crypto service will be available immediately to select SGKB customers following a short trial period in early 2023. Starting with Bitcoin and Ether support, SGKB plans to expand its offering to more cryptocurrencies. According to customer needs.

In the year Founded in 1868, St. Galler Kantonalbank is a leading Swiss regional bank offering retail and commercial banking as well as private and institutional banking. SGKB is reported to be the fifth largest bank in Switzerland, with a total of 53.6 billion Swiss francs ($58.9 billion) in assets under management at the end of 2022.

SGKB's partnership with SEBA marks the bank's first step into the digital asset industry, with the aim of enabling banking clients to seamlessly access cryptocurrencies in their investment portfolios.

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“We are pleased to offer access to digital assets and the digital economy to a select customer,” added Falk Coleman, head of market services at SGKB.

Thanks to our partnership with Seba Bank, we have implemented a direct start-up arrangement that allows us to learn and grow in line with our customers' needs. We are confident that our customers' digital assets are protected by a professional and certified provider with extensive experience in this field.

SGKB's crypto partner, SEBA, is an international Swiss regulatory bank for managing, investing and storing cryptocurrencies, wearable tokens and other assets. In the year After receiving a banking license from the Swiss Financial Market Supervisory Authority in 2019, SEBA has been actively onboarding crypto services for major private and retail banks, including LGT Bank Liechtenstein and Bank Julius Baer.

Switzerland's crypto ecosystem has evolved rapidly, with many local banks introducing cryptocurrency services. In September 2023, Dukascopy Bank, a licensed Swiss bank, officially launched crypto-enabled services, including margin trading and online retail bank accounts.

“We believe that cryptocurrencies have a significant role to play in today's world,” Dukascopy Bank's chief brokerage officer told Cointelegraph. “We are confident that offering crypto-related services through a regulated bank will add significant value to the crypto industry as a whole,” the executive added.

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