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LGT Crypto Services are now only available in Switzerland and Lichtenstein, with plans to expand.
Traditional wealth managers appear to have caught the crypto bug.
LGT Bank is a division of LGT Group, the world’s largest family-owned financial services company. The LGT group presently manages more than $288 billion in assets. with a large presence in Europe, Asia, and the Middle East.
LGT Bank picked SEBA Bank to provide digital asset services to its customers, the bank announced on Wednesday.
What SEBA will offer?
SEBA Bank said on Wednesday that LGT Bank will now offer crypto services to its customers. SEBA will assist the bank in providing trading and custody services, as it is fully approved by Swiss market authorities FINMA.
Notably, the crypto offering for investors will be limited to only BTC and ETH upon launch.
The crypto service is currently only available to a small group of clients based in Switzerland and Liechtenstein.
The decision to offer investors crypto exposure came as a result of growing demand within LGT Bank’s client base, according to CEO Roland Matt.
Furthermore, the CEO stated that the bank was concentrating on offering a secure crypto onboarding experience when implementing the new features.
LGT will likely expand these services to Singapore and the UAE soon, according to Mathias Schütz, SEBA’s head of client and IT solutions. Meanwhile, global asset managers are exploring increasing the number of cryptocurrencies available to their clients.
The client’s exposure to the emerging market is increasing
Traditional fund managers are increasingly jumping on the crypto bandwagon. As a result, the number of asset managers offering clients exposure to the emerging market is increasing.
Argentina’s Banco Galicia began offering crypto services to its roughly 7 million customers on Tuesday, according to reports. According to Galaxy Digital Trading co-head Jason Urban, the new pattern shows increased crypto acceptance.
Urban previously remarked that crypto adoption was in its “second inning,” and that institutions are now afraid of missing out as their competitors explore the sector and recognize the advantages of crypto.
However, adoption is still in its early phases; according to Urban, we are only 15% there, and with regulatory clarity, things will likely pick up.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
