TLDR Cryptocurrency pump-and-dump trends are becoming more and more frequent in the crypto world. Con artists who perpetrate these schemes employ phony, false information skewed, or exaggerated claims to rapidly push up the price of a coin or token, then quickly cash out their holdings to benefit at the expense of unsuspecting victims. Though pump-and-dump...
- In collaboration with SEBA Bank, the fifth-largest cantonal bank in Switzerland, has introduced custody and trading services for Bitcoin and Ether.
- This is St. Galler Kantonalbank’s venture into cryptocurrency, debuting on the international cryptocurrency market.
Swiss Bank Initiates a Custody and Trading Service for Bitcoin and Ether
SGKB also revealed its plans to expand its digital asset offerings by adding more cryptocurrencies, responding to client demand.
SGKB relies on Swiss-based SEBA Bank to deliver digital asset brokerage and custody services.
“We are delighted to provide St. Galler Kantonalbank with our expertise to expand their digital asset services. The contract between St. Galler Kantonalbank and SEBA was signed earlier this year, and following a brief implementation project, SGKB is now prepared to offer selected clients access to cryptocurrencies.”SEBA Bank’s Head of B2B and Custody Solutions, Christian Bieri.
Existing Investment Products at St. Galler Kantonalbank
This week’s launch represents SGKB’s initial foray into the digital asset space.
SGKB has emphasized that its partnership with SEBA Bank will enable its clients to incorporate cryptocurrencies into their investment portfolios.
It’s worth noting that SGKB is one of 24 Swiss cantonal banks, which are commercial institutions partially owned by Switzerland.
SEBA Bank holds a banking license issued by Switzerland’s financial markets regulator, FINMA.
This crypto bank offers digital asset services to other banking institutions, catering to private and retail banks.
They have also recently obtained preliminary approval for crypto services in Hong Kong, which means they plan on expanding.
What Does It Mean For Crypto?
The partnership between St. Galler Kantonalbank and SEBA Bank marks a significant development in the financial services landscape.
For the end user, this partnership opens doors to a world of cryptocurrency opportunities.
Clients of SGKB now have access to secure digital asset custody, ensuring the safe storage and management of their holdings.
This added layer of security and convenience empowers users to participate in the growing cryptocurrency market confidently.
Moreover, the availability of digital asset brokerage services simplifies buying and selling cryptocurrencies.
Clients can now execute transactions seamlessly with the assistance of experts at their disposal.
This accessibility and support streamline the user experience, making it more user-friendly, particularly for those new to the cryptocurrency space.
As SGKB expands its offerings based on client demand, end users can anticipate greater flexibility in managing their digital assets.
The partnership paves the way for a future where individuals can easily diversify their portfolios and explore various cryptocurrencies.
Do you think this partnership will become the first step towards a bigger crypto adoption?