LGT, World’s Largest Family-Owned Private Bank, to Offer Crypto

LGT Bank, the financial institution owned by the princely House of Liechtenstein, is working with Switzerland’s SEBA Bank on the service.

May 4, 2022 at 9:10 a.m. UTC
Updated May 4, 2022 at 2:52 p.m. UTC

Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.

LGT Bank, the financial institution owned by the princely House of Liechtenstein and part of the largest family-owned banking group in the world, is offering cryptocurrency custody and brokerage services to private clients, starting in Switzerland and Liechtenstein.

Swiss-regulated digital asset services provider SEBA Bank will provide the crypto services to LGT’s private banking and asset management group, which holds $285 billion (280 billion in Swiss francs) in assets under management.

Responding to growing demand among its wealthy clientele, LGT will initially offer investment services for bitcoin (BTC) and ether (ETH). The bank is in discussions to add more coins as well as staking and yield earning possibilities, according to Mathias Schütz, SEBA’s head of client and tech solutions.

“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.”

In addition to Switzerland, SEBA Bank is active in Singapore, where LGT also has a booking center and a significant footprint, having acquired ABN AMRO Asia’s private banking operations 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.”

UPDATE (May 4, 9:31 UTC): Changes featured image to Liechtenstein from Switzerland.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

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

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.

CoinDesk - Unknown

Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.

Trending

1
CoinDesk - Unknown
First Mover Asia: Bitcoin Dominates but Altcoins Lurk

Although Terra's collapse has raised existential questions about the future of DeFi, some traders appear to be preparing for a return to altcoins; BTC remains rangebound below $30,000 in Tuesday trading.

Although Terra's collapse has raised existential questions about the future of DeFi, some traders appear to be preparing for a return to altcoins; BTC remains rangebound below $30,000 in Tuesday trading.

CoinDesk - Unknown
2
CoinDesk - Unknown
NEAR Protocol

CoinDesk - Unknown
3
CoinDesk - Unknown
MOBOX

CoinDesk - Unknown
4
CoinDesk - Unknown
Moonriver

CoinDesk - Unknown