On Wednesday, May 4, Liechtenstein’s LGT Bank, part of the LGT Group, “the world’s largest family-owned private banking and asset management group,” announced that it “now offers direct crypto investments -currencies”.
LGT, formerly known as Liechtenstein Global Trust, is owned by the Princely House of Liechtenstein through the Prince of Liechtenstein Foundation and is led by his family members HSH Prince Max von und zu Liechtenstein (CEO) and HSH Prince Philipp von und zu Liechtenstein (Chairman).
Liechtenstein, which is more officially known as the Principality of Liechtenstein, is “a German-speaking microstate located in the Alps between Austria and Switzerland”. It is “a constitutional monarchy headed by the Prince of Liechtenstein”, and it is “bordered by Switzerland to the west and south and Austria to the east and north”. It is also “the fourth smallest country in Europe, with an area of just over 160 square kilometers (62 square miles) and a population of 38,749 (as of 2019).” Liechtenstein is “a member of the United Nations, the European Free Trade Association and the Council of Europe”.
According to the press release issued by LGT Bank has entered into a partnership with the Swiss bank SEBA, which “will act as a broker and custodian, to provide this service”. The two crypto-assets in which LGT Bank customers are allowed to invest are Bitcoin ($BTC) and Ether ($ETH).
Roland Matt, CEO of LGT Bank, had this to say:
“We are very pleased to now be able to offer our customers convenient access to these markets while maintaining the highest safety standards. We have worked intensively on this offer. Cryptocurrencies are still in a dynamic stage of development. This is why LGT first created the corresponding processes and framework necessary for this type of investment.“
And Franz Bergmüller, CEO of SEBA Bank, said:
“As a FINMA-licensed and regulated Swiss bank with core competence in cryptocurrencies and digital assets, we enable banks and their clients to manage traditional and digital assets securely. We have the expertise, established processes and above all an ISAE-certified custody solution 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 use our expertise to support LGT in the expansion of its services for digital assets.“
The press release added that “the new offer is currently available for certain customer segments of LGT Bank, Liechtenstein”. These clients must be “domiciled in Liechtenstein or Switzerland and be classified as professional clients or be the client of an external asset manager”. However, he also mentioned that “due to demand in other areas and regions, the private bank is already working to expand the offer and make it more widely available.”
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto-assets involves the risk of financial loss.
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