LGT Group is a leading private banking and wealth management group and is now entering the cryptocurrency industry. For example, it offers investments in Bitcoin (BTC) and Ether (ETH) at LGT Bank in Liechtenstein.
LGT Bank manages over $292 billion in assets and, in partnership with Swiss cryptocurrency bank Seba, offers digital asset custody and trading services for the first time. This is what emerges from a joint press release on Wednesday.
“LGT Bank has been offering direct investments in Bitcoin and Ether since May. The private bank has partnered with Seba Bank, which will act as broker and custodian, to offer this service,” said Sandra Frank, Chief Marketing Officer of Seba. Bank, opposite Cointelegraph. .
LGT Bank will initially offer custody and trading for BTC and ETH. Seba offers more than 14 cryptocurrencies, including altcoins such as Litecoin (LTC), Polkadot (DOT), Tezos (XTZ), the stablecoin Tether (USDT) and others.
According to the announcement, LGT’s crypto services will be fully integrated with traditional assets. This allows clients to easily swap assets in their existing wallets. This new service will initially be offered to selected LGT Bank customers. To be able to use the new services, clients must reside in Liechtenstein or Switzerland and be business clients or be managed by an external asset manager.
LGT is headquartered in Vaduz, the capital of Liechtenstein, and is one of the largest asset management and investment companies in the world. The bank was founded in 1920 and is also very well known in Switzerland. It also has more than 20 branches around the world.
Roland Matt, CEO of LGT Bank in Liechtenstein, said the bank’s entry into the world of cryptocurrencies aims to meet the growing demand for investment opportunities. He added:
“The demand for cryptocurrencies has also increased among our customers in recent years. In developing our new offer, we have placed particular emphasis on security and ensured clear and reliable processes and procedures. These are extremely important to deal with them dynamic and still quite young asset class.”
It also confirms the current trend that banks and asset managers around the world are increasingly offering investment services for Bitcoin and other cryptocurrencies. On Monday, Argentina’s two largest private banks, namely Banco Galicia and Brubank, announced plans to offer customers crypto purchases.
In this context: Crypto Deposit: Commerzbank Requests BaFin License
As Cointelegraph previously reported, a number of well-known banks around the world offered Bitcoin-related services in 2021. Bank of New York Mellon announced in February that it would hold and transfer BTC as a manager of Bitcoin. assets on behalf of its clients. Other well-known banks around the world, such as BBVA and US Bank in Argentina, have also announced plans to offer similar crypto investment services.
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