The LGT Bank, owned by the princely house of Liechtenstein, will offer private clients cryptocurrency custody services and the ability to invest in Bitcoin and Ethereum. About this reports CoinDesk.
The private bank, whose assets under management total $285 billion (280 billion CHF), is developing the service in collaboration with the licensed crypto bank SEBA.
Investing services in Bitcoin and Ethereum are LGT’s response to rising demand among their wealthy clients. In the future, the list of coins will be expanded. The bank is also in talks about adding staking and other ways to increase the yield of digital assets.
Initially, the service will be available to clients in Liechtenstein and Switzerland.
Among potential markets for expanding the offering, LGT is considering Singapore, the UAE and Dubai.
In January 2022, SEBA closed a Series C financing round of 110 million CHF (~$120 million). It was led by Altive, Ordway Selections, Summer Capital and DeFi Technologies.
According to a November 2021 Campden Wealth survey, 28% of ultra-rich families worldwide have already invested in cryptocurrencies.
In the summer of 2021, the Soros family office allowed traders to trade Bitcoin. Meanwhile, Seek Capital, the firm managing British entrepreneur Simon Nixon’s personal fortune of $1.2 billion, announced its intention to invest in digital assets.
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