LGT Bank (part of the LGT Organization) “the world’s largest family-owned private banking and asset management group,” has stated that it is “now offering direct investments in cryptocurrencies.
LGT is “owned by the princely House of Liechtenstein through the Prince of Liechtenstein Foundation and directed by its family members H.S.H. Prince Max von und zu Liechtenstein (CEO) and H.S.H. Prince Philipp von und zu Liechtenstein (chairman).”
LGT Bank has announced a cooperation with SEBA Bank of Switzerland, which will “serve as broker and custodian to deliver this service. Bitcoin ($BTC) and Ether ($ETH) are the two crypto assets that LGT Bank clients can invest in.
LGT Bank’s CEO, Roland Matt, had this to say:
We are delighted to be able to provide our clients with convenient access to these marketplaces while maintaining the greatest levels of security. We put a lot of effort into this offering. Cryptocurrencies are still in the early stages of their evolution. As a result, LGT first established the appropriate processes and framework for this type of investment.
According to Franz Bergmüller, CEO of SEBA Bank
As a licensed and FINMA-regulated Swiss bank with a core competency in cryptocurrencies and digital assets, we enable banks and their clients to safely handle traditional and digital assets. We have the experience, established processes, and, most importantly, an ISAE-certified and independently established custody solution. SEBA Bank’s service offering is unique in that it combines a wide range of services with the highest security standards, and we are delighted to be able to use our knowledge to assist LGT in developing its digital asset offerings.
The new solution is currently offered to selected client segments of LGT Bank, Liechtenstein,” the press statement continued. Clients must be “domiciled in Liechtenstein or Switzerland and classified as professional clients or clients of an external asset manager.” “Due to demand in other locations and countries, the private bank is already working on expanding the service and making it more broadly available, the statement said.
Mathias Schütz, SEBA’s head of client and tech solutions said :
LGT, relationship managers are requesting that the service be expanded to Singapore and other locations… In the United Arab Emirates, for example, they have a representative office in Dubai. As a result, they’d like to include such areas in the game as well.
About Liechtenstein
Liechtenstein is a German-speaking microstate in the Alps between Austria and Switzerland, officially known as the Principality of Liechtenstein. It is a “constitutional monarchy led by the Prince of Liechtenstein” that is “bordered to the west and south by Switzerland and to the east and north by Austria.” With an area of slightly over 160 square kilometers (62 square miles) and a population of 38,749 (in 2019), it is also “Europe’s fourth-smallest country.” “A member of the United Nations, the European Free Trade Association, and the Council of Europe,” Liechtenstein says.
