LGT Bank established a partnership with SEBA bank to offer crypto investment services for the clients.
Due to increasing interest in the crypto market, the majority of the big businesses are looking to create an opportunity to participate and contribute in crypto adoption. In the race of crypto adoption, many Banks are also looking to take positions in this space.
On 4 May, LGT Bank, a major private bank in Liechtenstein, announced its partnership with SEBA Bank, to allow the clients to go with digital assets investment through the Bank service directly.
LGT Bank will only allow the investment in two big market cap coins, Bitcoin & Ethereum. A probable reason to select only these two assets is the highly decentralized nature of the blockchain networks of these two coins.
The chief executive officer of LGT Bank, Roland Matt, commented on this initiative of the bank and noted that the Bank is on the path to providing high security-based digital assets investment with the resources of the Bank directly for the customers.
CEO further added:
“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.”
This decision of the bank was taken because of the strong demand by clients to get such services to go with Bitcoin-like assets investment.
LGT Bank also confirmed that all the customers, who will buy Bitcoin & Ethereum, will have to follow the traditional assets purchase requirement like documentation for their tax returns. Bank also ensured that the Bank will take care of the custody of purchased digital assets, so customers don’t need to take any tension of their private keys and passwords.
Franz Bergmüller, CEO of Swiss digital asset company SEBA Bank, also commented on this new initiative of LGT Bank.
“We are pleased to be able to support LGT in expanding its services for digital assets.”
In 2021, Guido Buehler, former Chief Executive Officer of SEBA Bank, predicted the price of Bitcoin and claimed that it may trade between $50,000 and $75,000 in 2022.