LGT Bank, based in Liechtenstein, has enlisted the assistance of SEBA Bank to provide digital asset trading and custody for Bitcoin and Ethereum. LGT stated in a release, that additional cryptocurrencies will be added going forward, contingent upon client demand.
SEBA Bank, based in Switzerland, is a FINMA licensed digital assets banking platform. Founded in 2018 and headquartered in Zug, SEBA Bank offers a universal suite of regulated banking services. In August 2019, SEBA Bank received a Swiss banking and securities dealer license, and in September 2021 the CISA license – the first time a regulatory authority such as FINMA has granted such licenses to a financial services provider with a core capability in digital assets. In February 2022 SEBA Bank secured the Financial Services Permission from Abu Dhabi Global Market and opened an office in Abu Dhabi.
LGT Bank is part of LGT Group, an international private banking and asset management group that reports over CHF 280 billion in assets under management. LGT Bank stated that its digital asset investment services will be fully integrated with traditional assets, allowing clients to seamlessly incorporate crypto into their existing portfolio.
Roland Matt, CEO of LGT Bank, said the demand for crypto has increased amongst their clients in recent years and now they can satisfy the demand:
“When developing our new offering, we paid particular attention to security while focusing on clear, reliable processes and procedures. They are central [to] dealing with this dynamic and still quite young asset class. Thanks to our cooperation with SEBA Bank, our clients’ digital assets are held in the custody of a professional and certified provider with extensive experience in this area.”
Franz Bergmüller, CEO at SEBA Bank, stated:
“As 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 knowledge, established processes, and above all, a custody solution that is ISAE 3402 certified and established by independent bodies.”
Bergmüller added that their service offering is unique and they are pleased to support LGT as they enter the digital asset sector.
SEBA Bank currently supports a range of investment services including trading in 14 cryptocurrencies, a comprehensive crypto yield offering, SEBA Earn, and the SEBA Gold Token, a digital token backed by physical Swiss gold. SEBA Bank’s ISAE 3402 certified hot and cold storage custody solutions adhere to the highest security standards in the safekeeping of digital assets and private keys.
LGT Bank’s digital asset investment solutions will initially be available to selected client groups the bank, and clients must be domiciled in Liechtenstein or Switzerland and be classified as professional clients or be managed by an external asset manager in order to access services.