Following the growing trend by financial institutions and asset managers in embracing investment services for cryptocurrencies, LGT Bank, one of the biggest family private banking and asset manager organization, in collaboration with Swiss crypto bank, Seba is set to begin direct investment in digital currencies as per the announcement jointly made by the companies on Wednesday.
As detailed, Seba with its wealth of experience as a bridge between virtual and traditional assets will deliver brokerage and custodial services enabling LGT Bank to provide trading services as well as custodial services for the two top cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH).
The pilot offering will be incorporated with traditional assets affording customers a means of trading assets in their existing accounts. For now, the service will be open to several chosen LGT’s institutional clients resident in Switzerland or Liechtenstein to track its success.
LGT’s entrance into the crypto sphere shows the company’s dedication to meeting the rise in investment opportunities according to its CEO, Roland Matt.
Seba currently supports over 14 cryptocurrencies not excluding altcoins like Litecoin (LTC), and Polkadot (DOT), amongst several others.
LGT Group, formerly known as Liechtenstein Global Trust is an investment company and asset manager owned and run by the princely House of Liechtenstein. With a rich history dating back to 1920, it is headquartered in Vaduz. It manages more than $292 billion in assets and has 20 offices scattered worldwide.
Traditional banks offering crypto investment options
As the market for cryptocurrencies continues to rise, several leading financial institutions have made concerted efforts to participate in the space. Earlier in the week, Argentina’s Brubank and Banco Galicia integrated cryptocurrency trading as part of their financial services following a request from the nation’s citizens.
Bison bank was also recently licensed by Banco de Portugal to trade digital assets for its subsidiary, Bison Digital Asset which provides crypto custodial services as well as digital assets exchange offerings.
Similarly, Bank Leumi, Israeli’s second-largest bank after a partnership with US blockchain-focused firm Paxos became the first traditional bank to provide crypto-related services in the country.
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