Global private bank LGT to open Bitcoin and Ether trading

LGT Group, a apical family-owned backstage banking and plus absorption group, is moving into cryptocurrency by launching Bitcoin (BTC) and Ether (ETH) investments astatine LGT Bank successful Liechtenstein.

Managing implicit $292 cardinal of assets, LGT Bank is preparing to debut integer plus custody and trading services successful practice with Swiss cryptocurrency slope Seba, according to a associated announcement released connected Wednesday.

LGT Bank volition initially connection custody and trading services for BTC and ETH, portion Seba supports much than 14 cryptocurrencies, including altcoins similar Litecoin (LTC), Polkadot (DOT), Tezos (XTZ), the Tether (USDT) stablecoin and others.

According to the announcement, LGT’s crypto services volition beryllium afloat integrated with accepted assets, enabling clients to easy speech assets successful their existing portfolios. The caller offering volition beryllium initially disposable to selected lawsuit groups of LGT Bank. In bid to entree the caller services, clients indispensable beryllium based successful Liechtenstein oregon Switzerland and beryllium classified arsenic nonrecreational clients oregon beryllium managed by an outer plus manager.

Headquartered successful Vaduz, Liechtenstein, LGT is 1 of the world's largest wealthiness managers and concern companies. The banking elephantine traces its past backmost to 1920 and has a cardinal beingness successful Switzerland successful summation to much than 20 offices astir the globe.

LGT Bank’s entranceway into crypto aligns with the firm’s committedness to conscionable the expanding request for concern opportunities, Liechtenstein’s LGT Bank CEO Roland Matt said. He added:

“The request for cryptocurrencies has besides accrued among our clients successful caller years. When processing our caller offering, we paid peculiar attraction to information portion focusing connected clear, reliable processes and procedures. They are cardinal for dealing with this dynamic and inactive rather young plus class.”

The quality further reaffirms the ongoing inclination connected planetary banks and plus managers progressively adopting concern services for Bitcoin and different cryptocurrencies. On Monday, Argentina’s largest and second-largest backstage banks, Banco Galicia and Brubank, announced plans to enable crypto purchases for clients.

Related: German banking elephantine Commerzbank applies for crypto license

As antecedently reported by Cointelegraph, immoderate of the world’s astir salient banks made large moves into Bitcoin successful 2021, with Bank of New York Mellon announcing plans to clasp and transportation BTC arsenic an plus manager connected behalf of its clients successful February. Other planetary banks similar Argentina’s BBVA and U.S. Bank subsequently announced the launch of akin crypto concern services.