St.Galler Kantonalbank has launched a new Bitcoin and Ether trading service for select customers, bridging the gap between traditional banking and crypto.
St.Galler Kantonalbank (SGKB), a major Swiss bank, has launched a new digital asset custody and trading service for its clients.
The bank, which was founded in 1868, has partnered with SEBA bank for the new service, which includes both Bitcoin and Ether trading. More assets will be added in the coming months, based on customer demand.
The move reflects the growing adoption of cryptocurrency in the nation and bridges the gap between traditional banking and crypto.
At present, the service is only available to select customers while it undergoes a testing period, but it will soon open up to retail customers.
SEBA is a fairly new bank which launched in 2019. It’s focused on crypto and is FINMA-regulated to manage, invest and store crypto and other digital assets, such as NFTs.
The bank’s mission is to integrate crypto into traditional banking, rather than crypto being a “bolt-on”, according to its website.
“Digital assets have come of age and banking services need to rise to the challenge,” it states.
SEBA’s Bank Head B2B and Custody Solutions Christian Bieri told The Block, “St.Galler Kantonalbank and SEBA signed the contract earlier this year, after a short implementation project, SGKB is now ready to offer access to cryptocurrencies to a selected group of clients, in a first step bitcoin and ether, other currencies will follow shortly.”
SGKB isn’t the first bank to foray into crypto over the past week.
On October 30, a letter filed to the Stock Exchange of Thailand revealed that Kasikorn (KBANK), the second largest bank in Thailand, acquired a majority stake (97%) in the parent company of crypto exchange Satang.
The deal was valued at 3.7 billion Thai baht, approximately $102.8 million.
Once the acquisition is complete, Satang will rebrand to Orbix Trade Co. Ltd with three new subsidiaries: Orbix Custodian, Orbix Invest, and Orbix Technology & Innovation, which will focus on blockchain development.
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