Recently, Switzerland’s largest bank, St.Galler Kantonalbank (SGKB), has introduced Bitcoin and Ethereum trading services for its customers. Reportedly, SGKB customers can now buy, store, and even sell Bitcoin and Ethereum.
In an effort to adapt to the trend of digital currencies, SGKB partnered with Switzerland’s leading cryptocurrency bank, SEBA, to offer brokerage and digital asset custody services. This service will be available to some SGKB customers following a short trial earlier this year. Not limiting itself to the two largest cryptocurrencies, SGKB plans to add more digital currencies in the future.
Traditional banks in Europe have been consistently making moves into the cryptocurrency space. Examples include the Commercial Bank of Ukraine testing a CBDC based on Stellar (XLM) blockchain, Germany’s Sparkasse bank introducing a cryptocurrency wallet, BBVA Switzerland offering ETH products to customers, and Societe Generale registering a 20 million DAI loan on MakerDAO.
Established in 1868, St.Galler Kantonalbank is a major bank in Switzerland, managing CHF 53.6 billion (equivalent to USD 58.9 million) as of the end of 2022. This event marks the first step for the traditional bank into the digital asset space, enabling customers to seamlessly access cryptocurrencies in their investment portfolios.