Private banking firm LGT Bank starts crypto investments service

The LGT Group has entered the crypto market with the launch of Bitcoin (BTC) and Ether (ETH) investments at LGT Bank in Liechtenstein.
The LGT Group has entered the crypto market with the launch of Bitcoin (BTC) and Ether (ETH) investments at LGT Bank in Liechtenstein.

The LGT Group, the world’s biggest family-owned private banking and asset management firm, has entered the crypto market with the launch of Bitcoin (BTC) and Ethereum (ETH) investments at LGT Bank in Liechtenstein.

According to a joint announcement made on Wednesday, LGT Bank, which manages over $292 billion in assets, has launched digital asset custody and trading services in collaboration with Swiss crypto bank Seba.

LGT Bank will first provide BTC and ETH custody and trading services. Seba accepts over 14 different digital coins, including Litecoin (LTC), Polkadot (DOT), Tezos (XTZ), and the Tether (USDT) stablecoin, among others.

LGT Bank will start with select client groups

LGT’s crypto services will be fully linked with traditional assets, allowing clients to seamlessly exchange funds in their existing portfolios, according to the release. The new service will first be provided to LGT Bank’s select client groups. Clients must be based in Liechtenstein or Switzerland and classed as professional clients or managed by an external asset manager in order to use the new services.

Founded in 1920, LGT Bank now has more than 20 locations around the world, including one in Switzerland. Its entry into crypto is in line with the company’s goal to address the rising demand for investment possibilities, according to the bank’s CEO, Roland Matt. He went on to add:

“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 adds to the growing trend of major banks and asset managers offering financial services for Cryptocurrencies such as bitcoin. In April, as TheCoinRise reported, Singapore’s DBS Bank hinted at its plans to enter into the metaverse world. Leumi Bank in Israel has also been reportedly partnering with Paxos to bring crypto trading services.