LGT is the first systemically important bank to offer crypto trading, which will allow its customers to trade Bitcoin and Ether using their cryptocurrencies. The move comes as part of a larger strategy for LGT that seeks to give access to new financial instruments in response to change.
Société Générale is a global private bank that will soon be offering trading of Bitcoin and Ether. The company has been one of the first banks to offer cryptocurrency services, but this new service will make them even more competitive.
LGT Group, a leading family-owned private banking and asset management firm, has launched Bitcoin (BTC) and Ether (ETH) investments at LGT Bank in Liechtenstein.
According to a joint statement made on Wednesday, LGT Bank, which manages over $292 billion in assets, is planning to provide digital asset custody and trading services in collaboration with Swiss cryptocurrency bank Seba.
Seba supports more than 14 cryptocurrencies, including altcoins like Litecoin (LTC), Polkadot (DOT), Tezos (XTZ), the Tether (USDT) stablecoin, and others. LGT Bank will initially offer custody and trading services for BTC and ETH, while Seba will support more than 14 cryptocurrencies, including altcoins like Litecoin (LTC), Polkadot (DOT), Tezos (XTZ),
LGT’s crypto services will be completely linked with conventional assets, allowing customers to seamlessly trade assets in their current portfolios, according to the release. LGT Bank’s new service will be provided to a small set of clients at first. Clients must be situated in Liechtenstein or Switzerland and classed as professional clients or managed by an external asset manager in order to use the new services.
LGT is one of the world’s leading wealth managers and investment firms, with headquarters in Vaduz, Liechtenstein. The financial behemoth dates back to 1920 and has more than 20 locations across the world, including a significant presence in Switzerland.
LGT Bank’s entry into crypto is in line with the company’s goal to address rising demand for investment possibilities, according to LGT Bank CEO Roland Matt of Liechtenstein. He continued, “
“In recent years, our customers’ desire for cryptocurrency has surged as well. We devoted special attention to security when building our new product, concentrating on clear, dependable processes and procedures. They’re crucial in dealing with this fast-moving and still-emerging asset class.”
The development adds to the growing trend of major banks and asset managers offering financial services for Bitcoin and other cryptocurrencies. Banco Galicia and Brubank, Argentina’s largest and second-largest private banks, announced plans to allow clients to buy cryptocurrency on Monday.
Commerzbank, a German banking behemoth, has applied for a cryptocurrency license.
As previously reported by Cointelegraph, several of the world’s most prestigious institutions made significant investments in Bitcoin in 2021, with Bank of New York Mellon announcing intentions to keep and transfer BTC on behalf of its customers in February. Other worldwide banks, like BBVA of Argentina and U.S. Bank, have also announced the establishment of comparable crypto investing services.
The “who owns the most bitcoin” is a question that has been asked many times. The answer to this question is one of the top cryptocurrencies, Bitcoin.
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