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.
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 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.
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