Welcome to Blockchain Asia
$ 43,850
$ 1,588.4
$ 64.22

LGT, a global private bank, has begun trading in bitcoin and ether

LGT Group, a leading family-owned private banking and asset management firm, has launched Bitcoin (BTC) and Ether (ETH) investments at LGT Bank in Liechtenstein.

According to a joint announcement made on Wednesday, LGT Bank, which manages over $292 billion in assets, has launched digital asset custody and trading services in collaboration with Swiss cryptocurrency bank Seba. “Since May, LGT Bank has been allowing direct Bitcoin and Ether investments. “To provide this service, the private bank has engaged into a relationship with Seba Bank, which will operate as broker and custodian,” Sandra Frank, chief marketing officer at Seba Bank, said.

LGT Bank will first provide BTC and ETH custody and trading services. Seba accepts over 14 different cryptocurrencies, including Litecoin (LTC), Polkadot (DOT), Tezos (XTZ), the Tether (USDT) stablecoin, and others. LGT’s crypto services will be fully linked with traditional assets, allowing clients to seamlessly exchange assets in their existing portfolios, according to the release. LGT Bank’s new offering will be provided to a small group of clients at first. Clients must be based in Liechtenstein or Switzerland and classed as professional clients or managed by an external asset manager in order to use the new services.

LGT is one of the world’s leading wealth managers and investment firms, with headquarters in Vaduz, Liechtenstein. The financial behemoth dates back to 1920 and has more than 20 offices around the world, including a significant presence in Switzerland.

LGT Bank’s entry into crypto is in line with the company’s goal to address rising demand for investment possibilities, according to LGT Bank CEO Roland Matt of Liechtenstein. He added, “In recent years, our clients’ desire for cryptocurrency has surged as well. We paid special attention to security while building our new product, concentrating on clear, dependable processes and procedures. They’re crucial in dealing with this fast-moving and still-emerging asset class.”

Some of the world’s most prominent banks made major moves into Bitcoin in 2021, with Bank of New York Mellon announcing plans to hold and transfer BTC as an asset manager on behalf of its clients in February. Other global banks like Argentina’s BBVA and US Bank subsequently announced the launch of similar crypto investment services.