Dev banks continue to take positive steps towards the cryptocurrency sector. Recently, Galler Kantonalbank, the fifth largest cantonal bank in Switzerland, announced that it has started providing storage and trading services for Bitcoin (BTC) and Ethereum (ETH) in collaboration with SEBA Bank.
Galler Kantonalbank, one of the largest cantonal banks in Switzerland, has started offering cryptocurrency storage and brokerage services in collaboration with SEBA Bank. The bank announced that storage and trading services for BTC and ETH have been made available to a select group of customers this week. The bank also added that further support for more cryptocurrencies is planned based on customer demand. Galler Kantonalbank is using SEBA Bank, based in Switzerland, to provide cryptocurrency brokerage and storage services.
Christian Bieri, President of B2B and Custody Solutions at the bank, said, “We are very happy to support Galler Kantonalbank in expanding its services related to cryptocurrencies with our expertise.” He added, “Galler Kantonalbank and SEBA Bank signed a partnership agreement earlier this year, and after a short implementation project, we are now ready to provide cryptocurrency access to a select group of customers. Initially, services will be offered for Bitcoin and Ethereum, and more cryptocurrencies will be added to the list over time.”
This launch by Galler Kantonalbank marks its first step into the cryptocurrency market. The fifth largest cantonal bank in Switzerland stated that its collaboration with SEBA Bank will help its customers integrate their cryptocurrencies into their existing investment portfolios.
Falk Kohlmann, Head of Market Services at Galler Kantonalbank, said, “Thanks to our collaboration with SEBA Bank, we have completed a simple initial setup that allows us to understand and meet our customers’ needs effectively.” Galler Kantonalbank is one of the 24 cantonal banks in Switzerland, partially owned by the federal governments.
SEBA Bank, on the other hand, holds a banking license from FINMA, Switzerland’s financial markets regulator. The crypto bank provides cryptocurrency services to other banking institutions, including both private and retail banks such as LGT Bank Liechtenstein and Julius Baer Bank.