Global private bank LGT opens Bitcoin and Ether trading

LGT Group, a leading family-owned private banking and wealth management group, is getting into cryptocurrency by launching Bitcoin (BTC) and Ether (ETH) investments at LGT Bank in Liechtenstein.

LGT Bank, which has over $292 billion in assets under management, is preparing to launch custody and trading services for digital assets in partnership with Swiss cryptocurrency bank Seba, according to a joint announcement published on Wednesday.

LGT Bank will initially offer custody and trading services for BTC and ETH, while Seba supports more than 14 cryptocurrencies, including altcoins such as Litecoin (LTC), Polkadot (DOT), Tezos (XTZ), the stablecoin Tether (USDT) and others.

According to the announcement, LGT’s crypto services will be fully integrated with traditional assets, allowing customers to easily exchange assets in their existing portfolios. The new offer is initially available to selected customer groups of LGT Bank. To access the new services, clients must be domiciled in Liechtenstein or Switzerland and classified as professional clients or managed by an external wealth manager.

Headquartered in Vaduz, Liechtenstein, LGT is one of the world’s largest asset managers and investment companies. The banking giant traces its history back to 1920 and, in addition to more than 20 branches around the world, also has a strong presence in Switzerland.

LGT Bank’s entry into crypto aligns with the company’s commitment to meet rising demand for investment opportunities, said Roland Matt, CEO of Liechtenstein-based LGT Bank. He added:

“Demand for cryptocurrencies has also increased among our customers in recent years. When developing our new offer, we paid particular attention to security and relied on clear, reliable processes and procedures. They are central to dealing with this dynamic and still young asset class.”

The news further confirms the ongoing trend of global banks and wealth managers increasingly adopting investment services for Bitcoin and other cryptocurrencies. On Monday, Argentina’s largest and second largest private banks, Banco Galicia and Brubank announced plans to enable crypto purchases for customers.

Related: German banking giant Commerzbank is applying for a crypto license

As previously reported by Cointelegraph, some of the world’s best-known banks have made big strides into Bitcoin in 2021, with the Bank of New York Mellon announcing plans in February to hold and transfer BTC as a wealth manager on behalf of its clients. Other global banks such as Argentina’s BBVA and US Bank then announced the launch of similar crypto investment services.