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Crypto News
Crypto News
Major Cryptocurrencies Bitcoin and Ethereum Now Available for Swiss Santander Accounts
3 months ago
Cointelegraph
Cointelegraph
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Switzerland’s St.Galler Kantonalbank (SGKB), one of the largest banks in the country, is moving into cryptocurrency by introducing Bitcoin (BTC) and Ether (ETH) trading to its customers. SGKB has partnered with the global cryptocurrency-focused bank SEBA to offer its clients digital asset custody and brokerage services. Announcing the news on Nov. 1, SGKB and SEBA said that the new crypto service is immediately available to select SGKB customers following a short period of testing earlier this year. Starting off with Bitcoin and Ether support, SGKB plans to expand its offerings to additional cryptocurrencies based on client demand. Founded back in 1868, St.Galler Kantonalbank is a major Swiss regional bank, offering retail and commercial banking as well as private and institutional banking. SGKB is reportedly the fifth largest bank in Switzerland, managing a total of 53.6 billion Swiss francs ($58.9 million) by the end of 2022. SGKB’s partnership with SEBA marks the bank’s first step into the digital asset industry, aiming to allow banking customers to seamlessly access cryptocurrencies within their investment portfolios. “We are pleased to offer a select client base access to digital assets and the digital economy,” SGKB head of market services Falk Kohlmann said, adding: "Thanks to our cooperation with SEBA Bank, we’ve implemented a straightforward initial setup, which allows us to learn and grow well aligned to our clients’ needs. We are confident that our clients' digital assets are protected by the custody of a professional and certified provider with extensive experience in this field." SGKB’s crypto partner, SEBA, is a global Swiss-regulated bank for managing, investing, storing cryptocurrencies, nonfungible tokens and other assets. After receiving a banking license from the Swiss Financial Market Supervisory Authority in 2019, SEBA has been actively onboarding crypto services to major private and retail banks including LGT Bank Liechtenstein and Bank Julius Baer. The Swiss crypto ecosystem has been rapidly evolving, with many local banks introducing cryptocurrency services. In September 2023, a licensed Swiss bank, Dukascopy Bank, officially launched its crypto-enabled services including marginal trading and online retail banking accounts. “We believe that cryptocurrencies continue to play a significant role in today's world,” Dukascopy Bank chief brokerage officer told Cointelergraph. “We are confident that offering crypto-related services through a regulated bank adds substantial value to the cryptocurrency industry as a whole,” the executive added. Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in

4 months ago
Coinspeaker
Coinspeaker
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Coinspeaker Swiss Bank SGKB Partners with SEBA Bank to Bring Bitcoin and Ethereum Trading to Clients Swiss bank St.Galler Kantonalbank (SGKB) has launched Bitcoin and Ether trading with plans to add more cryptocurrencies in the future based on client feedback. The cryptocurrency service is made possible by a partnership with crypto-focused bank SEBA and comes after a brief testing period earlier this year. Launched on November 1, the service is currently available to a select group of clients. The service is St.Galler Kantonalbank’s (SGKB) first foray into the digital assets sphere and is designed to enable the bank’s clients to add cryptocurrencies to their portfolios. “We are pleased to offer a select client base access to digital assets and the digital economy,” SGKB head of market services Falk Kohlmann said, adding: “Thanks to our cooperation with SEBA Bank, we’ve implemented a straightforward initial setup, which allows us to learn and grow well aligned to our clients’ needs. We are confident that our clients’ digital assets are protected by the custody of a professional and certified provider with extensive experience in this field.” SEBA Bank’s Head of Investment Solutions Christian Bieri explained that the service will initially be available to SGKB’s wealth-management clients with retail clients soon to be allowed access. In addition to more cryptocurrencies, the bank also plans to add staking services down the road. “It’s the first bank with a clear retail focus that we have onboarded and an example of the development we are seeing in Switzerland,” Bieri said of the partnership. “This started some years before with wealth management and private banking, and now we see a lot of interest as well from retail banks.” Founded in 1868, St.Galler Kantonalbank is one of Switzerland’s largest banks – ranked fifth – and offers retail and commercial banking in addition to private and institutional banking. By the end of 2022, the institution was reported to have about 53.6 billion Swiss francs ($58.9 million) in assets under management. The Swiss banking industry has been incredibly receptive to crypto with many local banks adding cryptocurrency services to their offerings. Last month Zuger Kantonalbank partnered with business-to-business crypto specialist Sygnum to launch a mobile-based crypto service that allows the bank’s client to invest in cryptocurrencies such as Bitcoin, Ethereum, XRP, and MATIC. In September, licensed Swiss bank Dukascopy Bank rolled out its crypto-enabled services including marginal trading and online retail banking accounts. The bank’s Chief Brokerage Officer told Cointelegraph that “offering crypto-related services through a regulated bank adds substantial value to the cryptocurrency industry as a whole.” next Swiss Bank SGKB Partners with SEBA Bank to Bring Bitcoin and Ethereum Trading to Clients

4 months ago
Binance News
Binance News
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Swiss bank Fiat24 is making strides in blockchain integration as it proposes to issue a Visa debit card emblazoned with the Uniswap logo, according to a recent news report from Odaily. The proposal was presented via a temperature check vote on the Uniswap governance platform. Operating on Arbitrum, Fiat24 relinquishes a traditional server to depend entirely on smart contracts for managing banking operations. The bank is positioned as a fiat currency layer in decentralized exchanges like Uniswap, with functionalities allowing customers to top up their Swiss bank accounts through international transfers or by selling crypto assets. In a bid to facilitate seamless integration with the blockchain ecosystem, all cryptocurrencies are converted into stablecoins through Uniswap—its primary liquidity provider—before funneling into the Fiat24 vault. Capping off its plan, Fiat24 intends to extend its service reach to Europe, Southeast Asia, and Latin America, facilitated by the launch of a co-branded Visa card in partnership with Uniswap. The proposal aims to strengthen the bridge between traditional banking and the burgeoning decentralized finance (DeFi) sector.

4 months ago
Crypto Intelligence
Crypto Intelligence
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Do Kwon, the co-founder of Terraform Labs, has formally requested that a United States district judge dismiss a securities and fraud lawsuit initiated by the United States Securities and Exchange Commission (SEC), arguing that the SEC has failed to provide evidence of wrongdoing by him or his firm. In a legal filing submitted on October 27th to the U.S. District Court for the Southern District of New York, legal representatives for both Do Kwon and Terraform presented their case, asserting that the cryptocurrencies associated with Terraform, namely Terra Classic (LUNC), TerraClassicUSD (USTC), Mirror Protocol (MIR), and the mirrored assets (mAssets), which replicate traditional stocks on the blockchain, should not be classified as securities as alleged by the SEC. The lawyers emphasized that, despite an extensive two-year investigation, the completion of a thorough discovery process involving over 20 depositions and the exchange of more than two million documents and data, the SEC has failed to substantiate its claims of wrongdoing. They contended that there is insufficient evidence to support many of the SEC’s allegations, suggesting that the regulator was aware that some of its claims were unfounded, particularly the allegation that Kwon and Terraform secretly transferred millions of dollars into Swiss bank accounts for personal gain. READ MORE: Crypto Platform Expands Institutional Crypto Custody Services Amid Surging Demand In the lawsuit filed against Kwon and Terraform in February, the SEC accused the duo of sending 10,000 Bitcoins to a Swiss financial institution and withdrawing $100 million, further alleging that they engaged in fraudulent activities by repeatedly making false and misleading statements. Kwon’s legal team insisted that the SEC knew the falsity of this allegation when initiating the case, emphasizing that Terraform Labs had no customers and therefore, no customer funds. The Terra ecosystem, valued at $40 billion, experienced a significant collapse in May 2022 due to the devaluation of TerraUSD (UST), its algorithmic stablecoin, which lost its peg to the U.S. dollar. Additionally, Kwon and Terraform sought to exclude the opinions of SEC experts, including a report by Rutgers University economics professor Bruce Mizrach, which they criticized as “junk science.” Judge Jed Rakoff, presiding over the case, had previously rejected Terraform’s attempt to have the lawsuit dismissed. It’s worth noting that Do Kwon is currently detained in Montenegro and has previously requested that the court reject the SEC’s motion to extradite and interview him in the United States. Discover the Crypto Intelligence Blockchain Council

4 months ago
Crypto PM
Crypto PM
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In a groundbreaking development, the Swiss online bank Dukascopy is rewriting the rules of traditional banking by delving into the realm of cryptocurrency. Dukascopy has unveiled a revolutionary automated cryptocurrency lending product, extending new opportunities to its customers. This innovative venture is set to transform the way individuals manage their crypto assets and make the most of their digital investments. Empowering Cryptocurrency Lending Dukascopy's automated cryptocurrency lending product is designed to empower its users to harness the potential of their digital assets. To embark on this journey, customers are required to open a multi-currency account (MCA) with the bank, setting the stage for a wealth of possibilities. How It Works Once users have successfully set up their MCA, they can transfer their chosen cryptocurrencies into the account, thus taking the first step towards unlocking a world of financial opportunities. But here's the real game-changer: for every cryptocurrency transferred, users receive a remarkable 50% of the transferred cryptocurrency's value in US dollars, directly deposited into their MCA account. The remaining half is seamlessly moved to a dedicated trading sub-account, setting the stage for more growth and financial ingenuity. Preserving Your Investment Position Now, you might wonder what happens to your cryptocurrency investment position. Dukascopy has that covered too. Simultaneously, the user's trading account will open long positions equivalent to the transferred cryptocurrency amount at the current market price. This strategic move ensures that your cryptocurrency investment position remains intact while you explore the lending and trading opportunities. The Paradigm Shift in Banking Dukascopy's foray into automated cryptocurrency lending signifies a monumental shift in the traditional banking landscape. The bank's willingness to embrace the digital age and offer innovative financial solutions showcases a forward-thinking approach to wealth management. Unlocking New Possibilities With this innovative offering, Dukascopy customers can tap into a world of potential benefits. Whether you're looking to generate additional income from your cryptocurrency assets, maintain your investment positions, or explore new avenues in the crypto market, this product opens doors to a multitude of financial prospects. A Word of Caution While this exciting development presents a host of exciting opportunities, it's important for users to approach it with caution. The cryptocurrency market is known for its volatility, and as with any investment, risks are involved. Therefore, users should conduct thorough research and consider their financial goals and risk tolerance before embarking on this journey. Conclusion Dukascopy's introduction of an automated cryptocurrency lending product is not just a technological marvel; it's a testament to the evolving landscape of finance. This pioneering move promises to reshape the way we manage and grow our cryptocurrency investments. It's a bold step into a digital future where opportunities abound, and Dukascopy is leading the way. As customers open their multi-currency accounts and venture into this exciting territory, the world of cryptocurrency has never looked more promising. #crypto2023 #cryptonews

4 months ago

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