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LGT, the world’s largest family-owned private bank, will now offer crypto services in partnership with SEBA

LGT
TL;DR Breakdown
  • The princely house of Liechtenstein’s LGT Bank partners with Switzerland’s SEBA Bank to offer crypto services (Bitcoin and Ethereum).
  • LGT will roll out more cryptocurrency investment products in response to clients’ demands. 
  • The SEBA Bank’s fully regulated, institutional-grade custody service ensures safe and convenient storage of client assets.

SEBA Bank, a fully integrated, FINMA authorized digital assets banking platform, today announced that it has partnered with LGT Bank, an international financial services provider specializing in private banking and asset management, to provide digital asset custody and brokerage services.

LGT partners with SEBA bank to offer crypto services

LGT Bank is a member of the LGT Group, a prominent international private banking and asset management organization with over $280 billion in assets under management. LGT Bank is leveraging SEBA Bank’s fully regulated banking platform and institutional-grade digital asset custody capabilities to provide digital asset custody and trading services to clients.

LGT Bank is a bank owned by the Princely House of Liechtenstein, which is a member of the world’s largest family-owned banking group. Its private crypto services will begin in Switzerland and Liechtenstein.

LGT Bank will begin by providing Bitcoin (BTC) and Ethereum (ETH) investment services. Clients may use digital asset investment offerings to add cryptocurrencies into their existing portfolios, seamlessly integrating them into traditional assets.

According to Mathias Schütz, SEBA’s head of client and tech solutions, the bank is in talks to add more coins as well as stake- and yield-earning possibilities in response to growing demand among its wealthy clients.

As a licensed and FINMA regulated Swiss bank with a core competence in cryptocurrencies and digital assets, we enable banks and their clients to handle traditional and digital assets securely. We have the knowledge, established processes, and above all, a custody solution that is ISAE 3402 certified and established by independent bodies. 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.

Franz Bergmüller, CEO at SEBA Bank.

SEBA Bank is a highly-effective and reputable counterparty in the crypto-assets market, providing services such as: trading in over 14 different cryptocurrencies, a comprehensive crypto yield program called SEBA Earn, and the SEBA Gold Token, which is a novel digital token backed by real Swiss gold.

LGT and its clients will benefit from the greatest security standards in the safekeeping of their digital assets and private keys, thanks to SEBA Bank’s ISAE 3402 certified hot and cold storage custody solutions.

The demand for cryptocurrencies has also increased among our clients in recent years. We are very pleased that we can now offer our clients easy access to this asset class. 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. 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.

Roland Matt, CEO of LGT Bank, Liechtenstein.

LGT Bank’s digital asset investment solutions will be available initially to selected LGT Bank and Liechtenstein customer groups. Clients must be located in Liechtenstein or Switzerland and classified as professional clients or managed by an external asset manager in order to access services.

More banks invest in the crypto industry

Moreover, SEBA Bank has offices in Singapore, where it also has a booking center and a significant presence, having acquired ABN AMRO Asia’s private banking operations in Asia and the Middle East in 2016.

When Satoshi Nakamoto introduced Bitcoin in 2009, banks were scared and skeptical of its value and performance. Global banks warned early crypto investors about the possibility that they might be a new and untested asset class.

Despite the numerous battles depicted by the centralized financial institutions at first, there are now a growing number of banks that have invested in cryptocurrencies. For example, Standard Chartered is one such bank. In July 2020, Standard Chartered PLC’s venture divisions unveiled the development of a cryptocurrency custodian to help investors store digital assets.

Barclays is not any typical bank, having recognized cryptocurrencies and the potential thereof. In terms of investment, Barclays is one of the best banks in the world; it has ventured into the Bitcoin and cryptocurrency markets. According to Barclays, Bitcoin has a lot of promise in delivering benefits from dispersion and volatility.

Additionally, UBS is making significant progress in the realm of private stablecoins. Santander and Lloyds Banking have created utility tokens that investors use for international transactions.

Goldman Sachs has, at times, been hesitant about cryptocurrencies. It initially stated that the bank would not consider cryptocurrencies an asset class, but it later changed its mind. Its most recent study addressed the prospect of digital currencies becoming a corporate asset class, discussing several experts in cryptocurrency and finance.

Florence Muchai

Florence Muchai

Florence is a crypto enthusiast and writer who loves to travel. As a digital nomad, she explores the transformative power of blockchain technology. Her writing reflects the limitless possibilities for humanity to connect and grow.

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