Liechtenstein’s LGT Bank, the largest family-owned banking group in the world now offers direct investments in Bitcoin and other cryptocurrencies through a partnership with Swiss financial institution SEBA Bank. LGT Bank is starting off with the top 5 cryptocurrencies by market cap; Bitcoin, Ether, Ripple, Bitcoin Cash, and Litecoin, purchasable with Euros, US dollars and Swiss Francs. Trading will take place only once a day with SEBA Bank providing the necessary trading and custody services for the implementation of LGT’s offerings.
“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 in Liechtenstein. “We worked intensively on this offering.”
LGT claims that the partnership seeks to reduce security risks for its clients that it says are common in the space, including market, liquidity, and private key possession risks.
“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, in a release. “As a licensed and FINMA-regulated Swiss bank with a core competence in cryptocurrencies and digital assets, we enable banks and their clients to handle traditional and digital assets securely.”
Bergmüller continued to say, “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.”
Existing clients of LGT Bank will find the processes for investing in Bitcoin similar to the processes associated with traditional assets. LGT will provide the same tax documentation for tax returns and the liquidity will be accessible after a short period of time if a client chooses to sell.
The initial offering is only available to select clients located in Liechtenstein and Switzerland. The clients must also be designated as either professional clients or have been previously part of an external asset manager.
For all the latest Technology News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
