St. Galler Kantonalbank (SGKB) Expands Services to Include bitcoin and Cryptocurrencies

In a significant move demonstrating the growing demand for bitcoin, St. Galler Kantonalbank (SGKB) has announced that it will now offer bitcoin and cryptocurrency buying services. This move highlights the continuous expansion of crypto adoption in the Swiss banking sector.

The Swiss bank has partnered with SEBA Bank to provide its retail customers with cryptocurrency trading and custody services. This collaboration builds upon the existing offering for high net worth clients that SGKB already provides.

The partnership between SGKB and SEBA Bank was established earlier this year, and after a rapid implementation phase, SGKB is now facilitating the trading and custody of digital assets. Initially, bitcoin (BTC) and ethereum (ETH) will be available for trading and custody, with the possibility for clients to explore investments in other cryptocurrencies upon request.

Swiss Banking Sector Embraces Crypto

SGKB’s move follows the recent launch of a similar crypto offering by Zuger Kantonalbank in late October, as well as the debut of the service by Luzerner Kantonalbank in August. This trend highlights the increasing acceptance and adoption of cryptocurrencies within the Swiss banking industry.

Falk Kohlmann, Head of Market Services at St. Galler Kantonalbank, expressed excitement about this new development, stating: “We are pleased to offer access to digital assets and the digital economy to a select group of customers.”

SEBA Bank’s Crypto Storage Capabilities

SEBA Bank, SGKB’s partner in this venture, provides secure cold storage for a variety of digital assets. Along with bitcoin and ethereum, SEBA offers cold storage for USDC and other cryptocurrencies. This ensures that SGKB clients can confidently manage and store their cryptocurrencies alongside their existing investments.

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The Path to Mainstream Adoption

With the inclusion of SGKB, the fifth largest cantonal bank, the path to mainstream adoption for bitcoin and other cryptocurrencies in Switzerland is becoming increasingly clear. Customers now have expanded access to digital assets, paving the way for wider integration of cryptocurrencies in the years to come.

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By Team