Digital Assets: Liechtenstein’s LGT Bank Offers Crypto Investing

May 5, 2022 | Digital Assets, News
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The bank launches investing in bitcoin and ether against US dollars.

LGT Bank, the largest private banking and asset management group in the world that is wholly owned by an entrepreneurial family – the Princely House of Liechtenstein – had assets under management of CHF 285.8 billion as of December 31 (US$ 292.75 billion at current exchange rates). The bank announced the launch of crypto investments using US dollars for its select clientele. (LGT Bank)

Crypto asset investing

LGT Bank has now made it easy for clients to invest in bitcoin and ether by applying the same processes and procedures as they are used to for traditional investing.

“We are very pleased that we can now offer our clients convenient access to these markets while upholding the highest security standards,” said Roland Matt, CEO of LGT Bank, Liechtenstein, in a statement. “We worked intensively on this offering. Cryptocurrencies are still in a stage of dynamic development. LGT therefore first created the corresponding, necessary processes, and framework for this type of investment.”

Best of all, clients need not bother with the risky and stressful activities involving custody solutions for keys or passwords.

LGT Bank has partnered with SEBA Bank AG for the custody of the crypto assets owned by its clients. “We have the expertise, established processes, and, above all, a custody solution that is ISAE-certified and established by independent bodies,” said Franz Bergmüller, CEO of SEBA Bank. “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 expanding its services for digital assets.”

Apart from the safe custody solution, LGT clients will be provided with the same documentation for their tax returns as with other assets, as well as immediate liquidity for their sales of crypto.

Currently, LGT’s crypto service is available to selected clients of LGT Bank, Liechtenstein who must be domiciled in Liechtenstein or Switzerland and be classified as professional clients or be the client of an external asset manager.

In December, SEBA launched a gold-backed token (a.k.a. stablecoin) that represented ownership of responsibly sourced gold.

The token is physically redeemable direct from refineries on-demand at any time.

Related Story: Swiss SEBA Bank Launches Gold-Backed Token

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