The leading private bank in Liechtenstein – LGT Bank – partnered with SEBA Bank to offer direct investment in digital assets for its clients. The cryptocurrencies that are part of the initiative are the two largest in terms of market capitalization: bitcoin (BTC) and ether (ETH).
LGT enters the crypto ecosystem
The financial institution noted that the demand for digital assets has risen “strongly” in recent years. To cope with the growing interest, LGT allowed its clients to invest directly in two cryptocurrencies: bitcoin and ether (against the US dollar). Commenting on the matter was Roland Matt – CEO of the bank:
“We are very pleased that we can now offer our customers easy access to these markets while maintaining the highest safety standards. We have worked intensively on this offer. Cryptocurrencies are still in a phase of dynamic development. LGT therefore first created the corresponding, necessary processes and frameworks for this type of investment.”
LGT explained that the rules for investing in cryptocurrencies will be the same as investing in traditional assets. People get the same documentation for their tax returns, while the money is easily accessible when they sell. LGT customers don’t have to worry about private keys and passwords as the bank stores their funds.
Initially, the facility will only be available to select clients (professional clients or clients of a perpetual asset manager) of LGT Bank located in Liechtenstein or Switzerland. Due to the demand in other areas, the bank wants to expand the offer to more countries.
LGT’s partner in the crypto movement is the Swiss digital asset company – SEBA Bank. The latter’s CEO, Franz Bergmüller, said the mix between LGT’s range of services and SEBA’s “highest security standards” will allow customers to delve into the cryptocurrency universe.
“We are pleased to support LGT in expanding its digital asset services,” he concluded.
SEBA predicted that BTC will reach $75K in 2022
Earlier this year, SEBA Bank’s former Chief Executive Officer – Guido Buehler – stated that the company had conducted an investigation, estimating that the price of bitcoin could hit a new all-time high by the end of the year. The institution envisioned a USD valuation between $50,000 and $75,000:
“Our internal valuation models currently quote a price between $50,000 and $75,000. I’m pretty sure we’re going to see that level. The question is always the timing.”
According to Buehler, the price increase will be fueled by growing interest from institutional investors, and LGT’s move confirms this story.
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