LGT Bank, owned by the Princely House of Liechtenstein and part of the world’s largest family-owned banking group, is now offering cryptocurrency custody and brokerage services to private clients in Switzerland and Liechtenstein.
SEBA Bank, a Swiss-regulated digital asset services provider, will supply crypto services to LGT’s private banking and asset management group, which manages $285 billion (280 billion in Swiss francs) in assets.
LGT will initially offer investment services for bitcoin (BTC) and ether in response to rising demand among its wealthy clientele (ETH). According to Mathias Schütz, SEBA’s head of client and IT solutions, the bank is in talks to offer new coins as well as staking and yield earning opportunities.
“LGT is starting with their booking center in Liechtenstein for clients that are located in Liechtenstein and Switzerland,” Schütz said in an interview. “This will see further expansion over the next couple of months.”
SEBA Bank is also engaged in Singapore, where LGT has a booking center and a major footprint after acquiring ABN AMRO Asia’s private banking business in Asia and the Middle East in 2016.
“LGT is also seeing demand from relationship managers to expand the offering to Singapore and other locations,” Schütz said. “For instance, they have a representative office in the UAE (United Arab Emirates), in Dubai. So they also want to bring those locations into the play.”