On Wednesday (May 4), Liechtenstein\u2019s LGT Bank, which is part of LGT Group, \u201cthe largest family-owned private banking and asset management group in the world\u201d, announced that it \u201cnow offering direct investments in cryptocurrencies.\u201d<\/p>\n
LGT, which was formerly known as The Liechtenstein Global Trust, is\u201d owned by the princely House of Liechtenstein through the Prince of Liechtenstein Foundation and led by its family members H.S.H. Prince Max von und zu Liechtenstein (CEO) and H.S.H. Prince Philipp von und zu Liechtenstein (chairman).\u201d<\/p>\n
Liechtenstein, which is more officially known as the Principality of Liechtenstein, is \u201ca German-speaking microstate located in the Alps between Austria and Switzerland.\u201d It is \u201ca constitutional monarchy headed by the Prince of Liechtenstein\u201d, and it is \u201cbordered by Switzerland to the west and south and Austria to the east and north.\u201d It is also \u201cEurope\u2019s fourth-smallest country, with an area of just over 160 square kilometres (62 square miles) and a population of 38,749 (in 2019).\u201d Liechtenstein is \u201ca member of the United Nations, the European Free Trade Association, and the Council of Europe.\u201d<\/p>\n
According to the press release issued by LGT Bank has entered a partnership with Switzerland-based SEBA Bank, which will \u201cact as broker and custodian, to provide this service.\u201d The two cryptoassets that clients of LGT Bank are allowed to invest in are Bitcoin ($BTC) and Ether ($ETH).<\/p>\n
Roland Matt, CEO of LGT Bank, had this to say:<\/p>\n
\u201cWe are very pleased that we can now offer our clients convenient access to these markets while upholding the highest security standards. 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.<\/em>\u201c<\/p>\n And Franz Bergm\u00fcller, CEO of SEBA Bank, stated:<\/p>\n \u201cAs 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. We have the expertise, established processes and, above all, a custody solution that is ISAE-certified and established by independent bodies. The range of services combined with the highest security standards makes SEBA Bank\u2019s 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.<\/em>\u201c<\/p>\n The press release went on to say that \u201cthe new offering is currently available to selected client segments of LGT Bank, Liechtenstein.\u201d These clients must be \u201cdomiciled in Liechtenstein or Switzerland and be classified as professional clients or be the client of an external asset manager.\u201d It did, however, also mention that \u201cdue to the demand in other areas and regions, the private bank is already working on expanding the offering and making it more widely available.\u201d<\/p>\n Mathias Sch\u00fctz, SEBA\u2019s head of client and tech solutions, told CoinDesk that \u201cthe bank is in discussions to add more coins as well as staking and\u00a0yield earning possibilities.\u201d<\/p>\n He also said:<\/p>\n