LGT Group, a prime family-owned personal banking and asset administration group, is shifting into cryptocurrency by launching Bitcoin (BTC) and Ether (ETH) investments at LGT Financial institution in Liechtenstein.
Managing over $292 billion of property, LGT Financial institution is getting ready to debut digital asset custody and buying and selling companies in cooperation with Swiss cryptocurrency financial institution Seba, in response to a joint announcement released on Wednesday.
LGT Financial institution will initially supply custody and buying and selling companies for BTC and ETH, whereas Seba helps greater than 14 cryptocurrencies, together with altcoins like Litecoin (LTC), Polkadot (DOT), Tezos (XTZ), the Tether (USDT) stablecoin and others.
In keeping with the announcement, LGT’s crypto companies can be totally built-in with conventional property, enabling shoppers to simply alternate property of their present portfolios. The brand new providing can be initially obtainable to chose shopper teams of LGT Financial institution. With a view to entry the brand new companies, shoppers should be primarily based in Liechtenstein or Switzerland and be categorized as skilled shoppers or be managed by an exterior asset supervisor.
Headquartered in Vaduz, Liechtenstein, LGT is likely one of the world’s largest wealth managers and funding corporations. The banking big traces its historical past again to 1920 and has a key presence in Switzerland along with greater than 20 workplaces across the globe.
LGT Financial institution’s entrance into crypto aligns with the agency’s dedication to satisfy the growing demand for funding alternatives, Liechtenstein’s LGT Financial institution CEO Roland Matt mentioned. He added:
“The demand for cryptocurrencies has additionally elevated amongst our shoppers in recent times. When creating our new providing, we paid explicit consideration to safety whereas specializing in clear, dependable processes and procedures. They’re central for coping with this dynamic and nonetheless fairly younger asset class.”
The information additional reaffirms the continued development on world banks and asset managers more and more adopting funding companies for Bitcoin and different cryptocurrencies. On Monday, Argentina’s largest and second-largest personal banks, Banco Galicia and Brubank, introduced plans to enable crypto purchases for clients.
As beforehand reported by Cointelegraph, a number of the world’s most outstanding banks made main strikes into Bitcoin in 2021, with Financial institution of New York Mellon announcing plans to hold and transfer BTC as an asset supervisor on behalf of its shoppers in February. Different world banks like Argentina’s BBVA and U.S. Financial institution subsequently announced the launch of comparable crypto funding companies.