This Liechtenstein Bank Can Now Custody Crypto

Mason Privatbank Liechtenstein is aiming to cater to both crypto-focused investors and asset managers who are looking to diversify their portfolios.

AccessTimeIconJun 12, 2020 at 5:33 p.m. UTC
Updated May 9, 2023 at 3:09 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Mason Privatbank Liechtenstein AG has become the latest private bank to offer digital asset custody through a partnership with Hong Kong-based Hex Trust.

The Liechtenstein bank has high-net-worth clients across Asia and Europe that have an interest in investing in digital assets such as cryptocurrencies, stablecoins and security tokens, said Chief Markets Officer Hubert Buechel. As such, the bank has chosen to adopt Hex Trust’s least invasive level of integration, because of how few trades the bank’s clients are interested in making.

  • How NEAR Enables Multichain Access From One Account
    00:56
    How NEAR Enables Multichain Access From One Account
  • Why the NEAR foundation Chose Eigenlayer as a Security Partner
    00:54
    Why the NEAR foundation Chose Eigenlayer as a Security Partner
  • Judge Kaplan Had 'No Love' for Sam Bankman-Fried, Legal Expert Says
    07:08
    Judge Kaplan Had 'No Love' for Sam Bankman-Fried, Legal Expert Says
  • How Bitcoin and Ether's Options Contracts Combined Expiry Could Spike Volatility
    01:11
    How Bitcoin and Ether's Options Contracts Combined Expiry Could Spike Volatility
  • “We don’t have any day traders in our client base,” Buechel said. In the future, the bank may connect with Hex Trust through a SWIFT integration or allow the trust company to build application programming interfaces (APIs) that connect directly to the bank’s core.

    Buechel came to the bank last July from a multi-year stint at Bank Frick, a Liechtenstein-based family bank that became one of the first banks in the world to allow clients to directly invest in cryptocurrencies. Mason Privatbank Liechtenstein is aiming to cater to both crypto-focused investors and asset managers who are looking to diversify their portfolios, Buechel added. 

    Hex Trust will also connect the bank’s clients to third-party providers who can provide crypto lending, staking, borrowing and trading. With the bank’s parent company, Mason Financial Holdings, based in Hong Kong, this will be the first bank that has an Asian presence that Hex Trust is working with, said Hex Trust CEO Alessio Quaglini.

    “Our goal is to create interconnectivity between the traditional asset world and the digital asset ecosystem,” Quaglini said.

    In the back half of 2020, Hex Trust plans to further expand its reach through Europe with an office in Italy and Germany. 

    Hex Trust also holds a trust or company service provider (TCSP) license under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance in Hong Kong. The custodian is entering the Monetary Authority of Singapore sandbox and applying for the capital markets custody license in Singapore. 

    It’s also been provisionally authorized by Germany’s Financial Supervisory Authority (BaFin) to provide crypto custody services and is applying for the crypto custody license in Germany as well. 

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.