LGT bank with partnership from Swiss bank SEBA will offer trading and custody services for Bitcoin and Ether users.
Top family owned management group and bank LGT is moving into crypto business from today. It will launch BTC and ETH trading and investment via LGT bank in Lichtenstein.
The are managing more then $292 billion of assets.
“LGT Bank has been offering direct investments in Bitcoin and Ether since May. The private bank has entered into a partnership with Seba Bank, which will act as broker and custodian to provide this service,”.
LGT Bank will initially offer custody and trading services for BTC and ETH. Seba supports more than 14 cryptocurrencies, including altcoins like Litecoin (LTC), Polkadot (DOT), Tezos (XTZ), the Tether (USDT) stablecoin and others.
According to the announcement, LGT’s crypto services will be fully integrated with traditional assets, enabling clients to easily exchange assets in their existing portfolios. The new offering will be initially available to selected client groups of LGT Bank. In order to access the new services, clients must be based in Liechtenstein or Switzerland and be classified as professional clients or be managed by an external asset manager.
Headquartered in Vaduz, Liechtenstein, LGT is one of the world’s largest wealth managers and investment companies. The banking giant traces its history back to 1920 and has a key presence in Switzerland in addition to more than 20 offices around the globe.
LGT Bank’s entrance into crypto aligns with the firm’s commitment to meet the increasing demand for investment opportunities, Liechtenstein’s LGT Bank CEO Roland Matt said. He added:
“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.”
The news further reaffirms 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 Brubank, announced plans to enable crypto purchases for clients.