In a move that showcases the expanding demand for Bitcoin, St. Galler Kantonalbank (SGKB) has become the latest major Swiss bank to offer Bitcoin and crypto buying services.
Announced Thursday, SGKB partnered with SEBA Bank to offer its retail customers cryptocurrency trading and custody services, a venture that marks another step in the expanding world of crypto adoption within the Swiss banking sector.
SGKB already enabled the service for high net worth clients.
The partnership between SGKB and crypto bank SEBA was forged earlier this year, and after a swift implementation phase, SGKB is now facilitating the trading and custody of digital assets, starting with Bitcoin (BTC) and Ethereum (ETH).
This move follows Zuger Kantonalbank’s recent launch of a similar crypto offering in late October and Luzerner Kantonalbank, which debuted its service in August.
Falk Kohlmann, Head of Market Services at St. Galler Kantonalbank, expressed enthusiasm for the development, stating: “We are pleased to offer access to digital assets and the digital economy to a select group of customers.”
It’s important to note that, initially, SGKB’s crypto offerings are limited to Bitcoin and Ethereum. However, upon request, clients may explore investments in other cryptocurrencies. According to SEBA’s website, the crypto bank provides cold storage for a range of digital assets, including Bitcoin, Ethereum, USDC, and others.
Looking ahead, the move enables SGKB clients to manage their cryptocurrencies alongside existing investments, a development that could become increasingly common in the years ahead.
With SGKB, the fifth largest cantonal bank, joining the Bitcoin fray, the path to mainstream adoption becomes increasingly clear.