Switzerland’s fifth largest bank, St. Galler Kantonalbank (SGKB) has launched digital asset custody and brokerage services for bitcoin (BTC) And ether (ETH) for a selected group of clients.
The Swiss bank has enabled trading and custody services for two of the largest crypto assets in partnership with SEBA Bank, a local crypto asset service provider.
According to the official release from SEBA Bank, the partnership between both firms was announced earlier this year and the services are now live. SEBA marks this collaboration as a significant milestone for the growing crypto ecosystem and digital adoption in the Swiss market.
The partnership will empower SGKB’s customers to seamlessly integrate crypto assets in their existing portfolios. It will currently offer services only for Bitcoin and Ethereum while planning to expand offering more assets over time depending on demand.
“We are pleased to offer a select client base access to digital assets and the digital economy,” said Falk Kohlmann, the Head of Market Services at SGKB, adding “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.”
SEBA Bank is one of the first institutions to bring digital assets into the Swiss market with it partnering with the country’s major banks including LGT Bank Liechtenstein and Bank Julius.