Liechtenstein’s VP Bank follows Citibank, Societe Generale, DekaBank and DZ Bank in selecting Metaco to assist with the development of their digital asset services

Swiss digital asset technology provider Metaco has secured its fifth partnership with a major financial institution in the last nine months, this time with Liechtenstein private bank VP Bank (VPBN), according to an emailed announcement on Tuesday.

VP Bank has tapped Metaco for its Harmonize platform, which it will use to expand its digital asset custody and tokenization services. The lender commenced its digital asset strategy in 2021, envisioning tokenization and custody of physical assets like jewels or paintings. Now it wishes to expand into supporting tokenized financial assets, as well as minting, burning and storing tokens.

VP Banks follows Citibank (C), Societe Generale (GLE), DekaBank and DZ Bank in selecting Metaco to assist with the development of their digital asset services.

Following the collapse of prominent crypto-friendly banks Silvergate and Signature last month, the emergence of traditional finance (TradFi) firms offering similar services with the help of companies like Metaco could provide an alternative.

“The bank-grade orchestration capabilities of the Harmonize platform enables the secure management of a range of digital asset use cases, allowing banks and financial institutions to satisfy demand for new asset classes and expand their business model in any direction,” Metaco chief growth officer Seamus Donoghue said.

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LGT Bank, the financial institution owned by the princely House of Liechtenstein, is working with Switzerland’s SEBA Bank.

LGT Bank, the financial institution owned by the princely House of Liechtenstein and part of the largest family-owned banking group in the world, is offering cryptocurrency custody and brokerage services to private clients, starting in Switzerland and Liechtenstein.

Swiss-regulated digital asset services provider SEBA Bank will provide the crypto services to LGT’s private banking and asset management group, which holds over CHF 280 billion ($288 billion) in assets under management.

Responding to growing demand among its wealthy clientele, LGT will initially offer investment services for bitcoin (BTC) and ether (ETH). The bank is in discussions to add more coins as well as staking and yield earning possibilities, according to Mathias Schütz, SEBA’s head of client and tech solutions.

“LGT is starting with their booking center in Liechtenstein for clients that are located in Liechtenstein and Switzerland,” Schütz said in an interview. “This will see further expansion over the next couple of months.”

In addition to Switzerland, SEBA Bank is active in Singapore, where LGT also has a booking center and a significant footprint, having acquired ABN AMRO Asia’s private banking operations in Asia and the Middle East in 2016.

“LGT is also seeing demand from relationship managers to expand the offering to Singapore and other locations,” said Schütz. “For instance, they have a representative office in the UAE, in Dubai. So they also want to bring those locations into the play.”

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