Swiss bank offers custody of bitcoin and ether

Swiss cantonal bank St. Galler Kantonalbank (SGKB) announced the launch of its bitcoin and ether trading and custody service in strategic partnership with SEBA Bank.

The SGKB is the fifth-largest cantonal bank in the European country. The entity indicated in a statement that it will offer this service to a group of select clients.

For its part, the strategic partner, SEBA Bank, is a “digital asset specialist regulated by the Swiss Financial Market Supervisory Authority (FINMA), for the new offer of cryptocurrency services.”

Although the announcement indicates that they will market and provide custody services for the two main digital currencies, bitcoin and ether, both companies hope to expand the offer with more cryptocurrencies, depending on the demand of their client portfolio.

In this regard, Falk Kohlmann, director of market services at SGKB, indicated: “Thanks to our cooperation with SEBA Bank, we have implemented a simple initial configuration, which allows us to learn and grow according to the needs of our clients.”

The growing customer demand in the Swiss banking sector has allowed this project to crystallize, to satisfy both institutional and retail users.

Other cantonal banks in Switzerland already offer cryptocurrency services. The Luzerner Kantonalbank, Lucerne’s dominant cantonal entity, launched its crypto service in August. Likewise, at the end of last October, “Sygnum, a regulated business-to-business cryptocurrency specialist, partnered with Zuger Kantonalbank for a similar mobile-based offering.”

Without a doubt, the cryptocurrency market in Switzerland is experiencing a positive opening that is likely to be maintained over time.

M.Pino

Source: diariobitcoin

(Reference image source: Henrique Ferreira, Unsplash)

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