LGT Group, a prime family-owned non-public banking and asset administration group, is transferring into cryptocurrency by launching Bitcoin (BTC) and Ether (ETH) investments at LGT Financial institution in Liechtenstein.

Managing over $292 billion of belongings, LGT Financial institution is making ready to debut digital asset custody and buying and selling companies in cooperation with Swiss cryptocurrency financial institution Seba, in response to a joint announcement released on Wednesday.

LGT Financial institution will initially provide custody and buying and selling companies for BTC and ETH, whereas Seba helps greater than 14 cryptocurrencies, together with altcoins like Litecoin (LTC), Polkadot (DOT), Tezos (XTZ), the Tether (USDT) stablecoin and others.

In response to the announcement, LGT’s crypto companies can be totally built-in with conventional belongings, enabling shoppers to simply trade belongings of their present portfolios. The brand new providing can be initially obtainable to chose consumer teams of LGT Financial institution. To be able to entry the brand new companies, shoppers should be primarily based in Liechtenstein or Switzerland and be labeled as skilled shoppers or be managed by an exterior asset supervisor.

Headquartered in Vaduz, Liechtenstein, LGT is among the world’s largest wealth managers and funding firms. The banking large traces its historical past again to 1920 and has a key presence in Switzerland along with greater than 20 places of work across the globe.

LGT Financial institution’s entrance into crypto aligns with the agency’s dedication to fulfill the rising demand for funding alternatives, Liechtenstein’s LGT Financial institution CEO Roland Matt mentioned. He added:

“The demand for cryptocurrencies has additionally elevated amongst our shoppers lately. When growing our new providing, we paid specific consideration to safety whereas specializing in clear, dependable processes and procedures. They’re central for coping with this dynamic and nonetheless fairly younger asset class.”

The information additional reaffirms the continued pattern on world banks and asset managers more and more adopting funding companies for Bitcoin and different cryptocurrencies. On Monday, Argentina’s largest and second-largest non-public banks, Banco Galicia and Brubank, introduced plans to allow crypto purchases for shoppers.

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As beforehand reported by Cointelegraph, a number of the world’s most outstanding banks made main strikes into Bitcoin in 2021, with Financial institution of New York Mellon saying plans to carry and switch BTC as an asset supervisor on behalf of its shoppers in February. Different world banks like Argentina’s BBVA and U.S. Financial institution subsequently introduced the launch of comparable crypto funding companies.