Swiss Bank To Provide Custody And Brokerage Services For Bitcoin, Ethereum

St. Galler Kantonalbank (SGKB), Switzerland’s fifth-largest cantonal bank, in partnership with SEBA Bank, launched digital asset custody and brokerage services for Bitcoin BTC/USD and Ethereum ETH/USD for its clients.

The contract was signed in early 2023 post a short implementation project. The first set of customers will be wealth-management clients followed by retail customers.

Industry titans BlackRock, DTCC, OCC, State Street, Société Générale, Hedera, Citi, BMO, Northern Trust, Citibank, Amazon, S&P Global, Google, Invesco, and Moody’s will join our Nov. 13 Fintech Deal Day and Nov. 14 Future of Digital Assets. Secure a spot here to join them.

SGKB adds that it plans to expand its digital asset offerings with more cryptocurrencies based on client demand.

“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,” SEBA Bank’s Christian Bieri commented.

Read Next: Could Crypto Firms To Play Jurisdiction 'Roulette' Under EU's MiCA Regulation?

Founded in 1868, SGKB has 35 branches and is one of 24 Swiss cantonal banks — commercial institutions partially owned by the federal governments of Switzerland. SEBA Bank holds a banking license from Switzerland's FINMA financial markets regulator (since 2019) and provides digital asset services for other banking institutions, including both private and retail banks.

Benzinga's Future Of Digital Assets Event in New York is scheduled on Nov.14. Attend and learn more about how the MiCA regulation has helped Europe support the crypto developments in the region. The gathering is seen as pivotal for the digital assets’ community. The event will spotlight the latest trends, innovations, and challenges in the digital asset realm.

The cryptosystem in Switzerland is evolving rapidly, with many local banks introducing cryptocurrency services. A licensed Swiss bank, Dukascopy Bank, officially launched its crypto-enabled services, including marginal trading and online retail banking accounts, in September 2023.

Also Read: Crypto Space Gets A Boost With European Banking Authority And ESMA's Proposed Regulations

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