On Wednesday, LGT Bank, the world’s largest family-owned banking institution, announced that it has selected SEBA Bank to provide cryptocurrency storage and brokerage services to customers. LGT will begin by offering investments in bitcoin and etherium, and the bank’s clients will be able to incorporate digital assets into their existing portfolios managed by LGT Bank.
LGT Bank is adding crypto services by partnering with FINMA-licensed SEBA Bank
LGT Group, the largest family-owned private banking and asset management company, announced that the parent company’s banking institution will now offer cryptocurrency investment opportunities. LGT Group is more than 100 years old, and the financial institution is owned by the Princely House of Liechtenstein.
May 4 SEBA Bank, a FINMA-licensed digital asset banking platform, announced that LGT Bank has chosen SEBA as its cryptocurrency partner. LGT will use SEBA’s regulated crypto platform and custody services to allow the bank’s clients to invest in crypto assets. Roland Matt, CEO of LGT Bank, Liechtenstein, said LGT has seen increased demand for crypto products from clients.
“In recent years, demand for cryptocurrencies has increased among our customers as well,” the LGT CEO said in a statement Wednesday. “We are very pleased that we can now offer our customers easy access to this asset class. In developing our new offering, we have paid special attention to security, focusing on clear, robust processes and procedures.”
The head of the family-owned private bank added:
They play a central role in dealing with this dynamic and still fairly young asset class. Thanks to our partnership with SEBA Bank, our clients’ digital assets are held by a professional and certified provider with extensive experience in this area.
LGT will initially offer investments in bitcoin and etherium
LGT and its customers will use “ISAE 3402-certified SEBA Bank hot and cold storage solutions,” and the bank will initially allow investments in bitcoin (BTC) and etherium (ETH). Initially, the possibility of cryptoinvestment will be available to “select groups of customers” selected by LGT.
The bank also notes that customers interested in crypto services must reside in Liechtenstein or Switzerland. Franz Bergmüller, CEO of SEBA Bank, explained Wednesday that SEBA is looking 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 services related to digital assets,” Bergmüller said during the announcement.
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