On Wednesday, the world’s largest family-owned banking institution, LGT Bank, announced that it has selected SEBA Bank in order to provide cryptocurrency custody and brokerage services to clients. LGT will start by offering investments in bitcoin and ethereum and the bank’s customers can incorporate the digital assets into their existing LGT Bank-managed portfolios.
LGT Bank Adds Crypto Services by Partnering With the FINMA Licensed SEBA Bank
The largest family-owned private banking and asset management firm LGT Group has revealed the parent company’s banking institution will now offer crypto investment opportunities. LGT Group is over 100 years old and the financial institution is owned by the princely House of Liechtenstein.
On May 4, SEBA Bank, a FINMA licensed digital assets banking platform, revealed that LGT Bank has chosen SEBA as a cryptocurrency partner. LGT will leverage SEBA’s regulated crypto platform and custody services so the bank’s clientele can invest in crypto assets. Roland Matt, the CEO of LGT Bank, Liechtenstein, detailed that LGT has seen increased demand for crypto products from customers.
“The demand for cryptocurrencies has also increased among our clients in recent years,” the LGT CEO said in a statement on Wednesday. “We are very pleased that we can now offer our client easy access to these asset class. When developing our new offering, we paid particular attention to security while focusing on clear, reliable processes and procedures.”
The executive of the family owned private bank added:
They are central for dealing with this dynamic and still quite young asset class. Thanks to our cooperation with SEBA Bank, our clients’ digital assets are held in the custody of a professional and certified provider with extensive experience in this area.
LGT to Initially Offer Bitcoin and Ethereum Investments
LGT and its clients will leverage “SEBA Bank’s ISAE 3402 certified hot and cold storage custody solutions” and the bank will initially allow investments in bitcoin (BTC) and ethereum (ETH). At first, the crypto investment opportunity will be available to “selected client groups” chosen by LGT.
The bank further notes that customers interested in the crypto services must reside in Liechtenstein or Switzerland. Franz Bergmüller, the CEO of SEBA Bank, explained on Wednesday that SEBA looks forward to working with LGT Bank.
“The range of services combined with the highest security standards makes SEBA Bank’s service offering unique and we are very pleased to be able to support LGT with our expertise in expanding its services around digital assets,” Bergmüller said during the announcement.
Tags in this story
100 years old, banks, Digital Assets, family-owned, family-owned bank, financial institution, Franz Bergmüller, Investments, LGT Bank, LGT Bank Bitcoin, LGT Bank Ethereum, LGT Group, Liechtenstein, princely House of Liechtenstein, private bank, SEBA Bank, Switzerland
What do you think about LGT Bank offering crypto services via SEBA Bank? Let us know what you think about this subject in the comments section below.
Jamie Redman is the news Lead at Bitcoin.com news and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com news about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.