SGKB’s Bold Move into Crypto
St.Galler Kantonalbank (SGKB), one of Switzerland’s heavyweight banks, has entered the cryptocurrency arena. With Bitcoin and Ether trading now available for some of its clients, SGKB partners with SEBA Bank, a Swiss bank that specializes in digital assets, aiming to bridge traditional banking with the crypto universe.
Unveiling the Details
The big reveal came on November 1, when SGKB announced the launch of its crypto services after a successful testing phase. To start off, customers can trade Bitcoin and Ether, with plans for more cryptocurrencies on the horizon, depending on what clients want.
What Does the Future Hold?
With the goal of providing a comprehensive trading experience, SGKB didn’t just stumble into this partnership. Founded in 1868, they’ve been a pillar in the Swiss banking system, boasting assets worth CHF 53.6 billion (about $58.9 billion) at the end of 2022.
Virtual Coins with a Traditional Touch
Falk Kohlmann, SGKB’s head of market services, shared his enthusiasm: “We are pleased to offer a select client base access to digital assets and the digital economy.” Thanks to the collaboration with SEBA Bank, SGKB claims its clients can navigate the digital asset realm safely and efficiently, without a steep learning curve.
The Secure Pathway
So, what’s the catch? Clients can trust that their digital assets are safeguarded, as SEBA provides custody services with a professional and experienced touch. This ease of access and security might be what skeptical customers need to dip their toes into crypto waters.
The Swiss Crypto Landscape
The timing of SGKB’s venture is pivotal, considering the Swiss market’s fast-paced evolution in crypto services. Just last September, Dukascopy Bank rolled out their own cryptocurrency tools, adding momentum to the local market, alongside esteemed institutions like LGT Bank Liechtenstein and Bank Julius Baer.
Crypto: A Bankable Trend
Dukascopy Bank’s chief brokerage officer stated, “We believe that cryptocurrencies continue to play a significant role in today’s world.” So, the traditional banking industry’s embrace of digital assets seems like a win-win for consumers and financial stakeholders alike.
