November 5, 2023

Fifth-Largest Cantonal Bank in Switzerland Collaborates with SEBA Bank to Introduce Crypto Custody Services

St. Galler Kantonalbank has partnered with SEBA Bank to offer cryptocurrency services. The expansion aims to introduce digital asset accessibility from affluent clients to the broader retail market.

St. Galler Kantonalbank (SGKB), Switzerland's fifth-largest cantonal bank, has joined the league of major banks providing cryptocurrency services. In a recent announcement, SGKB revealed a strategic partnership with SEBA Bank to enable its clientele to engage in crypto trading and safekeeping.

This collaboration between SGKB and SEBA signifies a notable advancement in the increasing integration of cryptocurrencies within the Swiss banking sector. Initially focusing on bitcoin (BTC) and ether (ETH), the partnership will oversee the trading and secure storage of digital assets.

Initially, these services will be targeted at the bank's wealth-management clients. However, SGKB plans to extend this offering to retail customers, responding to their evolving needs. Furthermore, SGKB and SEBA Bank have intentions to introduce additional cryptocurrencies and staking services in the foreseeable future.

Christian Bieri, Head of Business to Business and Custody Solutions at SEBA Bank, highlighted this progression in an interview, stating, “It’s the first bank with a clear retail focus that we have onboarded and an example of the development we are seeing in Switzerland.” He also emphasized that the movement toward embracing cryptocurrencies began several years ago in wealth management and private banking and is now expanding to encompass the interest of retail banks.

SEBA Bank received provisional approval from the region’s Securities and Futures Commission on August 30 to provide virtual asset services. It's noteworthy that SEBA Bank is not alone in its pursuit of catering to retail customers. Recently, a Swiss-regulated digital asset bank, Sygnum, collaborated with Zuger Kantonalbank, another cantonal bank in Switzerland, to offer a mobile-based crypto service.

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