LGT Bank has now partnered with the Swiss crypto bank Seba to offer custody and trading services for Ether and Bitcoin. The top family-owned private banking and asset management firm, LGT Group, has confirmed that it is moving into crypto by launching Ether (ETH) and Bitcoin (BTC) investments at their LGT Bank in Liechtenstein.
Managing at least $292 billion in assets, LGT Bank is getting ready to introduce digital asset custody and trading services in partnership with Swiss crypto bank Seba, according to a joint announcement released on May 4.
At first, LGT Bank will offer custody and trading services for ETH and BTC, while Seba supports over 14 cryptos, including altcoins like Polkadot (DOT), Litecoin (LTC), and the Tether (USDT) stablecoin, Tezos (XTZ), among others.
Based on the latest announcement, LGT’s cryptocurrency services will be entirely integrated with traditional assets. This strategy will enable clients to readily exchange assets in their existing portfolios. This new offering will be available initially to exclusive client groups of LGT Bank.
Clients have to be based in Liechtenstein or Switzerland to access the new services. Also, they have to be classified as professional clients or be managed by an external asset manager. LGT is headquartered in Vaduz, Liechtenstein. It is one of the biggest wealth managers and investment firms in the world.
The banking giant seems to trace its history back to around 1920 and has a major presence in Switzerland and operates over 20 offices dotted around the world. LGT Bank’s entry into the crypto space aligns with the company’s commitment to meet the growing demand for investment opportunities, according to Liechtenstein’s LGT Bank CEO Roland Matt. He continued:
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“The demand for cryptocurrencies has also increased among our clients in recent years. When developing our new offering, we paid particular attention to security while focusing on clear, reliable processes and procedures. They are central for dealing with this dynamic and still quite young asset class.”
LGT Bank Inspires Others
The LGT news also reaffirms the continuing trend of global banks and asset managers mainly adopting investment services for bitcoin and other cryptos. On May 2, Argentina’s biggest and second-biggest private banks, Banco Galicia and Brubank confirmed their plans to enable crypto purchases for their customers.
As previously noted, some of the world’s most prominent banks made major moves into Bitcoin in 2021, with Bank of New York Mellon (BNY Mellon) announcing plans to hold and transfer Bitcoin as an asset manager on behalf of its clients in February 2022. The other global banks like US Bank and Argentina’s BBVA later confirmed the launch of similar cryptocurrency investment services.