Saturday, June 22, 2024

St.Galler Kantonalbank Partners with SEBA Bank to Provide Digital Asset Services and Advance Adoption in Switzerland

SEBA Bank, a full-service, global crypto bank providing financial solutions for the digital age, has launched its partnership with St.Galler Kantonalbank (SGKB), Switzerland’s fifth largest cantonal bank, earlier this year to enable digital asset custody and brokerage services for SGKB’s clients. After a short implementation time, the SGKB’s service is now live. This collaboration marks a significant milestone in the adoption of digital assets and crypto-related services for the Swiss market.

Having obtained its FINMA banking license in 2019, SEBA Bank is among the first financial institutions to bring digital assets to the Swiss landscape and provides B2B solutions tailored to a diverse range of institutions, including both private and retail banks such as LGT Bank Liechtenstein, Bank Julius Baer, and now SGKB. Zug-based SEBA offers fully regulated, institutional-grade crypto custody solutions, providing advanced banking services that match their clients’ investment needs in digital assets.

Christian Bieri, Head B2B & Custody Solutions at SEBA Bank said, “As a licensed and FINMA-regulated Swiss bank with a core competence in cryptocurrencies and digital assets, we enable banks and their clients to handle traditional and digital assets securely. The full suite of banking services combined with the highest security standards expected of a Swiss financial institution, make SEBA Bank’s service offering unique. We are very pleased to be able to support St.Galler Kantonalbank with our expertise in expanding their services around digital assets.”

St. Galler Kantonalbank’s first step into the digital asset space is a milestone for the financial institution and wider industry. In line with SGKB’s commitment to innovation and customer satisfaction, this partnership will empower the bank’s clients to seamlessly integrate cryptocurrencies into their existing investment portfolios. SGKB is launching custody and trading services for Bitcoin (BTC) and Ethereum (ETH) to a select group of clients, with plans to expand its offerings to additional cryptocurrencies based on client demand.

Falk Kohlmann, Head of Market Services at St.Galler Kantonalbank stated, “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.

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