However, trading in cryptocurrencies will only happen once a day. For this SEBA Bank will provide trading and custody services. “We are delighted to offer our clients access to this market with high security standards,” said Roland Matt, CEO of LGT Bank. LGT Bank claims that with this tie-up, the security risks for its clients will be reduced. Franz Bergmüller, CEO of SEBA Bank, said in a press release, “We have excercise, robust processes and a custody solution. As a licensed and regulated bank, we have the capability to offer trading services in cryptocurrencies and digital assets. We allow banks and their clients to conduct secure trading in common and digital assets.”
The process for investing in cryptocurrencies for existing clients of LGT Bank will be similar to the process associated with normal assets. In addition, clients will be provided with similar tax documents for tax returns. If a client wants to sell cryptocurrencies, he will also get liquidity.
A report by Allied Market Research last year said that the crypto segment could grow at a CAGR of 12.8 percent by 2030. The market capitalization of the crypto industry was over $2 trillion as of the end of March. The crypto market is going through a recovery phase. Industry experts believe that the volatility in this segment may decrease with the increase in the number of countries bringing the virtual assets segment under legal purview. However, the interest of institutional investors in the crypto segment has increased. For example, last week Dragonfly Capital raised nearly $650 million to invest in crypto firms and projects with strong potential.
For the latest tech news, smartphone reviews and exclusive offers on popular mobiles, download the Gadgets 360 Android app and follow us on Google News.