LGT Bank has partnered with the Swiss crypto bank Seba to provide Bitcoin and Ether custody and trading services.
LGT Group, a leading family-owned private banking, and asset management firm, has entered the cryptocurrency market with the launch of Bitcoin (BTC) and Ether (ETH) investments at LGT Bank in Liechtenstein.
LGT Bank, which manages over $292 billion in assets, is preparing to launch digital asset custody and trading services in collaboration with Swiss cryptocurrency bank Seba, according to a joint announcement made on Wednesday.
LGT Bank will initially provide custody and trading services for BTC and ETH, whereas Seba supports over 14 cryptocurrencies, including Litecoin (LTC), Polkadot (DOT), and Tezos (XTZ), the Tether (USDT) stablecoin, and others.
LGT’s crypto services, according to the announcement, will be fully integrated with traditional assets, allowing clients to easily exchange assets in their existing portfolios. LGT Bank’s selected client groups will be the first to benefit from the new offering. Clients must be based in Liechtenstein or Switzerland, be classified as professional clients, or be managed by an external asset manager to use the new services.
LGT is one of the world’s largest wealth managers and investment firms, with headquarters in Vaduz, Liechtenstein. The banking behemoth was founded in 1920 and has a significant presence in Switzerland, as well as more than 20 offices around the world.
LGT Bank’s entry into cryptocurrency is consistent with the company’s commitment to meeting the growing demand for investment opportunities, according to Liechtenstein’s LGT Bank CEO Roland Matt. He continued, saying:
The announcement reinforces the ongoing trend of global banks and asset managers increasingly adopting investment services for Bitcoin and other cryptocurrencies. On Monday, Argentina’s largest and second-largest private banks, Banco Galicia and Burbank announced plans to allow clients to buy cryptocurrency.
As previously reported by Coinscreed, some of the world’s most prominent banks made significant moves into Bitcoin in 2021, with Bank of New York Mellon announcing plans in February to hold and transfer BTC on behalf of its clients as an asset manager. Other global banks, including Argentina’s BBVA and the United States Bank, have since announced the launch of similar crypto investment services.