Sygnum and SEBA compete to equip Swiss banks at crypto financial services. SEBA Bank wins the contract with St.Galler Kantonalbankwhich offers guard and purchase from BTC and ETH to a selection from customers.
In Switzerland, the divide between banks and crypto assets is virtually non-existent, unlike in other EU countries such as France. Crypto-banking SEBA Bank provides a further illustration.
SEBA announces partnership with Banque Cantonale St.Galler Kantonalbank (SGKB)the 5th largest in Switzerland. The agreement gives the financial institution access to the regulated Swiss player’s crypto financial solutions.
ETH and BTC for selected customers
The tie-up was agreed at the beginning of the year. Following a “short implementation phase”, SGKB is now in a position to offer its customers digital assets, i.e. custody and the purchase of tokens.
For the time being, the offer is limited. For this first step in the crypto field, St. Galler Kantonalbank is therefore only offering custody and trading of Bitcoin and Ethereum to a “select group of customers”.
The bank does not specify the size of this target market or its other characteristics (age, income range, etc.). On the other hand, the bank says it is prepared to expand its token portfolio according to customer demand.
Second Swiss bank after Zuger Kantonalbank
Thanks to our cooperation with SEBA Bank, we have set up a simple initial configuration, which allows us to learn and grow in line with our customers’ needs,” comments Falk Kohlmann, Head of Market Services at St. Gallen Kantonalbank.
The latter is not the first to implement a crypto offering to its financial product portfolio, relying on the infrastructure of a third-party industry expert. At the end of October, Zuger Kantonalbank positioned itself in collaboration with Sygnum Bank.
Sygnum had previously signed a contract with Lucerne Cantonal Bank. In August, the latter announced plans to introduce a crypto offering from early 2024. Two of Sygnum’s competitors have now moved ahead of the launch.
Switzerland’s Sygnum is on a roll. In July, its deposits exceeded 3 billion euros, in response to the banking crisis in the United States. Its customers also include PostFinance, which is state-owned via Swiss Post.
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