Key Takeaways
- SEBA Bank, a FINMA-licensed digital asset banking platform, said today that it has paired with LGT Bank, an international financial services provider specializing in private banking and asset management, to provide digital asset custody and brokerage services.
- LGT Bank will initially offer Bitcoin (BTC) and Ethereum (ETH) investing services (ETH). Clients will be able to seamlessly include crypto into their existing portfolio using digital asset investment services that are completely connected with traditional assets.
- Customers interested in crypto services must also be residents of Liechtenstein or Switzerland, according to the bank.
As part of an attempt to establish digital asset custody and trading services for its clients, international financial services provider LGT Bank has chosen SEBA Bank to deliver its digital asset custody and brokerage services.
LGT will use SEBA’s regulated crypto platform and custody services to allow its customers to invest in cryptocurrencies. Customers’ desire for crypto products has surged, according to Roland Matt, CEO of LGT Bank, Liechtenstein.
LGT Bank is a subsidiary of LGT Group, a global private banking and asset management firm with approximately CHF 280 billion in assets under management.
LGT Bank’s digital asset investing services will be fully assimilated with traditional assets, allowing SEBA Bank’s clients to include cryptocurrency in their existing portfolio.
To access services, clients must be based in Liechtenstein or Switzerland, be categorized as professional clients, or be handled by an external asset manager. SEBA Earn, a crypto yield offering, and the SEBA Gold Token, a digital token backed by genuine Swiss gold, are already available from SEBA Bank.
LGT Bank will initially offer Bitcoin (BTC) and Ethereum (ETH) investing services (ETH). Clients will be able to seamlessly include crypto into their existing portfolio using digital asset investment services that are completely connected with traditional assets.
“As a licenced and FINMA regulated Swiss bank with a core competency in cryptocurrencies and digital assets, we enable banks and their clients to handle traditional and digital assets securely,” stated Franz Bergmüller, CEO of SEBA Bank. We have the expertise, proven processes, and, most importantly, an ISAE 3402 certified and independently established custody solution. The diversity of services combined with the highest security standards distinguishes SEBA Bank’s service offering, and we are delighted to be able to assist LGT in growing its services surrounding Digital Assets with our expertise.”
SEBA Bank’s mandate with LGT Bank comes roughly two months after Euronext listed SEBA Bank’s digital asset-based exchange-traded products (ETPs) on its European exchange, allowing European economies to link to global capital markets.
LGT currently offers Direct Crypto Investments
In recent years, the market for cryptocurrencies has skyrocketed. Investing in this asset class, however, can be challenging for many people without the necessary technical knowledge. LGT now makes it simple to invest in Bitcoin and Ether, two cryptocurrencies (against US dollars). “We are delighted to be able to provide our clients with simple access to these markets while maintaining the greatest security requirements,” Roland Matt, CEO of LGT Bank, Liechtenstein, says. “We put a lot of effort into this service. 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.”
LGT and its clients will use “SEBA Bank’s ISAE 3402 approved hot and cold storage custody solutions,” with the bank allowing bitcoin (BTC) and ethereum (ETH) investments at first (ETH). The crypto investing option would first be limited to LGT’s “designated client groups.”
For clients, direct investments in cryptocurrencies via LGT follow the same procedures and processes as traditional assets: they obtain the very same paperwork for their tax returns, and when they sell, the money is easily accessible. Furthermore, LGT patrons do not have to worry about concerns like key or password custody.
