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A question that people interested in the banking sector want to know the most. Which is the largest commercial bank in India? Which is the largest commercial bank of India? Perhaps this question may not be necessary for many people, but it is very important for those who are preparing for bank jobs or those who want to join the biggest commercial bank.

What is commercial bank? People also need the answer to this question because till now we common people go to the bank and open the account. So that is a normal account. In such a situation, one word commercial, in this way, who open an account in a bank and what is the difference between normal and commercial bank? The answer to all such questions will be found from here.

What is Commercial Bank?

It is a financial institute that accepts deposits, offers loans, offers individual and commercial bank accounts. There are many such banks in the country which come in commercial banking. They are mainly used by small businesses so that they can do transactions easily.

Such banks are very important for the economy of any country. It helps in maintaining capital, credit and liquidity in the market. All the small and medium businesses of the country are associated with some or the other commercial bank.


In simple language, this is such a banking service that has been made for business, whatever people do small or big business. They all use it because some facilities here are completely different from those found in normal banking.

for example,

  • Fast payment processing is done.
  • Money Transfer But there is no limit.
  • Dedicated support is given to the business
  • Credit is available for business loan and other work.
  • The account is in the name of the business. In this case, business tax, GST Like they are used for work.

Commercial Vs Cooperative Bank

These are both banks and accounts are opened in both but there is a difference between these commercial and cooperative banks. About which all those people who have interest in this sector should be aware. Here are some important points regarding the difference between the two.

  • Commercial bank provides its service to any individual, trade and business.
  • Cooperative Bank offers service to its service farmer, common man, and small business.
  • There are very few limits on service in commercial banks. Due to which the customers get a lot of benefits and can do big transactions during the day with great ease.
  • Very limited services are available in Cooperative Bank which is perfect for an individual.

Which is the largest commercial bank of India?

Which is the largest commercial bank in India

that’s a big question Which is the largest commercial bank in India? andAnd there are many posts about this too. But still it is not decided among the people who is the largest commercial bank in India? Perhaps this question has been asked in some exam, only then people are very curious about this question.

Students who are preparing for bank jobs, they need to know the answer to this question, who is India’s Biggest Commercial Bank? With this, if we talk about how many such banks are there. We have been informed long ago that how many government and private banks are there in India. But here you will find information.

It is written in many places that SBI (State Bank of India) It is considered to be the largest commercial bank and there are some such portals as well. According to which HDFC is the largest commercial bank in India. But the answer to the question that was asked is SBI. According to a question given on Byus, State Bank is the largest commercial bank in India.

Here we are sharing the list of top 5 commercial banks. Whose market size you can find out from the internet. Because this list is not fixed as the customers increase in the bank. Their list keeps going up or down, so you can assume this is a temporary list.

Top 5 Largest Commercial Banks In India

  1. State Bank of India (SBI)
  2. HDFC
  3. ICICI Bank
  4. Kotak Mahindra Bank
  5. Axis Bank

SBI

It is most popular in corporate banking and Largest Commercial Bank List I have placed it at the top. It is one of the oldest and most trusted banking service in India. The name SBI only offers commercial service, but they have many services that offer banking and financial services.

SBI offers solutions like credit card, debit card, savings account, current account and loans to its customers. If seen, it has the highest number of customers in India.

HDFC

HDFC The full form is Housing Development Finance Corporation and it is the largest private sector bank in India. Most of the people who work, do business, like HDFC. Its services and solutions are very much liked by the people, so it is at number two in the list of Biggest Commercial Banks.

ICICI

It is the second largest private sector bank in the country, which offers individual and commercial services. Started in June 1994, ICICI offers a host of services such as commercial loans, credit cards, business accounts and many more.


Kotak Mahindra

Kotak Mahindra Bank is a very fast growing bank and it is included in the list of largest commercial bank. Kotak Mahindra has been placed at the 4th position and this is because a lot of small businesses in the country use it. Not only for its business and services but its many banking services are the best.

Axis Bank

Axis was earlier named as UTI Bank but later changed and is also known for its premium services. Not only Axis India, it has opened its branches at 11 international places. It is included at number 5 in the list of commercial banks. All types of solutions are available here such as credit, debit, loan and other solutions for business.

hope this question is answered Which is the largest commercial bank in India? You have got all the information about this important tech update and remember the name of TechYukti and share this post on social media so that people can get the answer to this question.

India’s central bank, the Reserve Bank of India (RBI), has expressed concerns that cryptocurrencies could lead to the dollarization of a part of the Indian economy. “It will seriously undermine the RBI’s capacity to determine monetary policy and regulate the monetary system of the country.”

RBI’s Crypto Warnings and Dollarization of Economy

The Reserve Bank of India (RBI), the country’s central bank, has warned that cryptocurrencies could lead to the dollarization of a part of the Indian economy, PTI reported Monday, citing unnamed sources.

During a briefing with India’s Parliamentary Standing Committee on Finance, top RBI officials, including Governor Shaktikanta Das, “clearly expressed their apprehensions about cryptocurrencies,” the publication conveyed.

The committee, chaired by former Minister of State for Finance Jayant Sinha, also recently questioned the Securities and Exchange Board of India (SEBI) on crypto-related issues.

Emphasizing that cryptocurrencies pose challenges to the stability of India’s financial system, the RBI officials stressed:

It will seriously undermine the RBI’s capacity to determine monetary policy and regulate the monetary system of the country.

India’s central bankers also noted that cryptocurrencies are used for money laundering, terrorism financing, and drug trafficking.

Moreover, they warned that cryptocurrencies could be used as a medium of exchange, replacing the rupee (INR) in both domestic and cross-border financial transactions.

The RBI officials opined:

Almost all cryptocurrencies are dollar-denominated and issued by foreign private entities. It may eventually lead to dollarization of a part of our economy which will be against the country’s sovereign interest.

The RBI officials further explained that cryptocurrency will have a negative impact on the banking system. They noted that this asset class is attractive to people who may want to invest their hard-earned savings in it, resulting in banks having less resources to lend.

According to an industry estimate, there are approximately 15 million to 20 million crypto investors in India, with total crypto holdings of around $5.34 billion.

The Indian government is currently working on the country’s crypto policy. However, cryptocurrency income is already taxed at 30%. On July 1, a one percent tax deducted at source (TDS) will also start levying on crypto transactions.

Do you agree with the RBI that crypto could lead to the dollarization of India’s economy? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Iran’s Ministry of Intelligence has reportedly blocked almost 10,000 bank accounts over suspicious foreign currency and cryptocurrency transactions. The action was carried out in collaboration with the country’s central bank.

9,219 Bank Accounts Blocked

Iran’s Ministry of Intelligence issued a statement Saturday stating that it has blocked a number of bank accounts due to suspicious foreign currency and cryptocurrency transactions, local media reported. The ministry detailed:

A total of 9,219 bank accounts belonging to 545 individuals were blocked.

The statement adds that the total transaction value blocked was over 60 trillion Iranian tomans, which is approximately $2 billion based on the daily dollar exchange rate in the Iranian open market. Iran’s currency recently hit a four-month low against the U.S. dollar.

However, the ministry did not provide any details on the accounts or how much of the turnover was in digital currency.

The Ministry of Intelligence’s action was carried out by the order of a judge and in collaboration with the country’s central bank. It was part of the Iranian government’s recent plan to combat illegal and unauthorized foreign currency and cryptocurrency transactions. In December last year, the ministry announced that it froze bank accounts of more than 700 “illegal” foreign exchange traders in the country.

Meanwhile, Iran is also cracking down on unauthorized cryptocurrency mining. The authorities have shut down about 7,000 unauthorized mining facilities in the past two years. The Iranian government has also drafted new rules to increase penalties for illegal cryptocurrency mining, including additional fines and imprisonment.

What do you think about Iran blocking bank accounts over suspicious crypto transactions? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

A survey carried out by the central bank of Israel has returned mostly positive responses from stakeholders regarding the possible issuance of a digital shekel currency. Many of the participants in the public consultations support the continued development of the project, the regulator said.

Bank of Israel Releases Results From Consultations on Digital Shekel Project

Israel’s monetary authority has recently published a paper detailing the outcome of public consultations held to gather opinions from interested parties on its central bank digital currency (CBDC) project. The regulator announced it had received 33 responses, half of which from abroad and the rest from the country’s fintech community.

Most respondents have been supportive of the plan to issue a digital shekel, pointing to certain advantages such as the opportunity to encourage competition in the payments market. Then, the digital currency’s new infrastructure could spur innovation in Israel’s payments system, which critics say is now quite concentrated and features high entry barriers.

Many of the participants believe that advancing financial inclusion, something the Digital Shekel Steering Committee considers an additional benefit, should be a main motivation for the issuance of the CBDC. Some have also suggested that developing the fintech industry and reducing costs in the cash system should also be among the priorities.

The question of privacy has split the respondents, between those that insist the digital shekel should have cash-like features providing full anonymity and others who support some level of transaction confidentiality while maintaining anti-money laundering rules so that efforts to combat the unreported “black” economy are not hampered.

A number of the participants have also suggested additional use cases for the digital shekel such as the transfer of government payments, including through designated tokens that would enable payments for specific purposes. Food supply and healthcare provision are two areas where institutions and non-government organizations could employ the CBDC for dedicated transfers.

Bank of Israel announced it’s considering launching its own digital currency towards the end of 2017. The project was suspended the following year but then work resumed in the spring of 2021, when the regulator drafted a model of the CBDC, with most responses now favoring the employment of distributed ledger technology. Bank of Israel is yet to make a final decision on the digital shekel but in March it said it did not see the currency as a threat to the nation’s banking system.

Tags in this story
bank of israel, CBDC, Central Bank, competition, consultations, Crypto, Cryptocurrencies, Cryptocurrency, Digital Currency, digital shekel, israel, Israeli, paper, Payments, payments market, Privacy, public consultations, respondents, Responses, Survey

Do you expect Israel to eventually issue a digital version of the national fiat currency? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

The Central Bank of Chile revealed it is studying how to issue a national digital currency, the digital peso. The bank issued a report titled “Issuance of a Central Bank Digital Currency in Chile,” where it explores the possibility of the creation of a central bank digital currency (CBDC) in the future, the mechanism it might use, and how it will consult all sectors of the economy on this issue.

Central Bank of Chile Considers CBDC Issuance

More banks in Latam are considering the issuance of their own central bank digital currencies (CBDCs) to take advantage of the different opportunities they might present. The Central Bank of Chile has just issued a new report studying the opportunities and drawbacks that the issuance of a digital peso might bring. The report, titled “Issuance of a Central Bank Digital Currency in Chile,” also studies the different forms that such a currency might take.

The document, authored by the payments group of the bank, was “framed in a context of increasing digitization of payments, which has been driven by rapid technological progress and the incorporation of new instruments and players in the payment market.” In this sense, the report concluded that:

The issuance of a CBDC would enable the benefits associated with digital transformation to be enhanced, while mitigating some of its risks. In particular, a CBDC could contribute to the development of a more competitive, innovative, integrated, inclusive and resilient payment system.

The report also calls for further analysis of the cost-benefit balance of issuing such a currency.


More Studies Needed

While many central banks in the world are studying and investigating the issuance of digital currencies, not many have moved to the execution phase. The document calls for more analysis and studies in this regard, as there are virtually no standards or best practice guidelines about how to proceed with the construction of such a project.

Digitization of the currency could also cause unforeseen negative impacts on the national economy, so any implementation in the future would have to be “carefully analyzed.” However, the central bank considers that this is the time to face this task and start working on its technical capabilities, and advance in the development of projects directed to test different implementations of the currency.

The bank also stated it will keep consulting and maintaining an open dialogue with all the institutions in the economic area. Brazil and Mexico are other countries in Latam also working to establish their own CBDC.

What do you think about the report issued by the Central Bank of Chile? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Pablo Hernández de Cos, governor of the Bank of Spain and chair of the Basel Committee on Banking Supervision, explained that the cryptocurrency space and decentralized finance (defi) need to be regulated swiftly to avoid risks of financial instability. Hernandez de Cos also mentioned how this swift approach should bring the crypto financial system into the scope of regulation before it grows bigger.

Governor of Bank of Spain Talks Crypto Regulation

The governor of the Bank of Spain, Pablo Hernández de Cos, who is also part of the banking supervision Basel Committee, explained his take on how he thinks cryptocurrency regulation should be addressed. In a keynote offered at the 36th annual general meeting of the International Swaps and Derivatives Association, Hernández de Cos explained that there needs to be a swift move to regulate cryptocurrency and decentralized finance markets before they can grow to affect the financial stability of the economic system.

On this issue, he stated:

Despite this phenomenal growth, cryptoassets still represent only about 1% of total global financial assets, and banks’ direct exposures are relatively limited to date. Yet we know that such markets have the potential to scale up rapidly and pose risks to individual banks and overall financial stability.

Furthermore, the governor recommended a “proactive and forward-looking regulatory and supervisory approach” to the subject, declaring that there can be a balance between welcoming these technologies and also mitigating their risks.


Criticizing Crypto and Defi

Hernández de Cos also took the opportunity to criticize the current state of the cryptocurrency market, citing the crypto fever meme currencies like dogecoin caused in the crypto crowd and the effect that Elon Musk’s thoughts can have on these markets. He remarked:

How many $3 trillion asset classes exhibit wild swings in valuations based on seemingly odd events, such as tweets published on 20 April or Saturday Night Live skits?

To him, these are clear signs that the market is not so decentralized as it aims to be, and that traits such as “robustness” or “stability” cannot be attributed to cryptocurrencies.

This is not the first time that the Governor of the Bank of Spain has talked about the dangers of introducing traditional financial institutions to cryptocurrencies. Back in February, Hernandez de Cos also warned about this issue, stating that an increase in the exposure of private banks to crypto could introduce new equity and reputational risks.

What do you think about the statements of Bank of Spain Governor Pablo Hernández de Cos? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

The Nasdaq-listed cryptocurrency exchange Coinbase has revealed that it halted operation in India a few days after launch due to “informal pressure” from the country’s central bank, the Reserve Bank of India (RBI), says CEO Brian Armstrong.

Coinbase Shares Experience in India

Coinbase Global provided an update on its Indian operation during the company’s earnings call Tuesday, particularly why it exited the Indian crypto market a few days after launch.

Anil Gupta, vice president of Investors Relations at Coinbase, asked CEO Brian Armstrong: “Some shareholders are curious about the recent developments in India. Can you explain the halting of UPI [Unified Payments Interface] transfers there? And what impact will that have on your expansion plans in the market?”

Coinbase launched in India on April 7. Armstrong went to India for the launch. The company said at the time that users could use the UPI system to buy cryptocurrencies on the platform. However, the company disabled the UPI option a few days later.

“There’s a lot of interest in crypto amongst the people there in India. So we had an integration with what’s called UPI. And this was a great example of just our international strategy,” Armstrong said during the earnings call. He elaborated:

A few days after launching, we ended up disabling UPI because of some informal pressure from the Reserve Bank of India, which is kind of the Treasury equivalent there.

“And India is a unique market, in the sense that the supreme court has ruled that they can’t ban crypto, but there are elements in the government there, including at Reserve Bank of India, who don’t seem to be as positive on it,” the Coinbase boss opined.

Armstrong noted that what the RBI is doing has been described as a “shadow ban” by the media. “Basically, they’re applying soft pressure behind the scenes to try to disable some of these payments, which might be going through UPI,” he detailed.

The Coinbase executive further said: “I guess we have a concern that they may be actually in violation of the supreme court ruling, which would be interesting to find out if it were to go there.”

He continued: “But I think our preference is really just to work with them and focus on relaunching. I think there’s a number of paths that we have to relaunch with other payment methods there. And that’s the default path going forward. Armstrong concluded:

My hope is that we will be live back in India in relatively short order, along with a number of other countries, where we’re pursuing international expansion similarly.

What do you think about Coinbase’s experience in India? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

The Central Bank of Argentina has taken steps to ban private banks from offering cryptocurrency services to customers in the country. The action comes after two banks had started offering cryptocurrency purchasing services from their apps. The measure is said to be directed at mitigating risks associated with cryptocurrency assets.

Central Bank of Argentina Closes Banking Crypto Offers

The Central Bank of Argentina is tightening its permissive attitude when it comes to the links between cryptocurrency assets and private banks. The institution has issued a document that deals with the offering of cryptocurrency purchasing and trading services through these institutions, banning them from facilitating such transactions for Argentinian citizens.

The document explains:

Financial entities may not carry out or facilitate their clients to carry out operations with digital assets, including crypto assets and those whose yields are determined based on the variations that they register, that are not regulated by the national authority and authorized by the Central Bank of Argentina (BCRA).

Furthermore, the institution argues that the objective behind this measure is to mitigate the risk that the users and financial institutions face when using these assets as investment vehicles. This announcement comes after two private banks in the country, Banco Galicia and Brubank, had announced they were introducing cryptocurrencies as part of their financial services offerings to their customers.


Other Motives

However, according to some local media reports, there may be other motives behind this prohibition by the central bank. The organizations reportedly already consulted the central bank in private, who gave them an approbatory nod, owing to the fact that banks operating with cryptocurrency assets is unregulated, and thus not illegal.

Per financial sources, the cryptocurrency operations might also cause a demand in dollars that would increase the breach between the official dollar price and the dollar on the black market, called the “blue” dollar. Argentina has exchange controls, and this could have influenced the decision to stop these operations before they became more important in the bigger economic picture.

The difference between the official dollar and the blue dollar has remained the same, with the latter being about 80% more expensive than the former, meaning that the volumes traded during these days did not exert any influence on this exchange rate.

Another possible reason for this measure has to do with the deal that Argentina inked with the International Monetary Fund to pay its debt, which includes a requirement stating the country will disincentivize the use of cryptocurrencies, and allowing private banks to offer these services would be contrary to this.

What do you think about the resolution issued by the Central Bank of Argentina that bans private banks from offering cryptocurrency to their customers? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Brubank, one of the first Argentinian digital banks approved by the central bank of the country, is getting into the cryptocurrency business. The company announced it is now allowing customers to make cryptocurrency investments via its platform, giving them the ability to purchase crypto assets in its app. This is reportedly the second financial institution that is providing these services in the country.

Brubank Introduces Cryptocurrency Services

Private Banks in Argentina are starting to see the value of offering cryptocurrency services to their customers amidst a crypto boom in the country. Brubank, an all-digital financial institution licensed by the country’s central bank, has reported it is now offering cryptocurrency purchase services in its app. The bank announced this new functionality on social media when answering an inquiry from a customer about the new options on the platform.

Brubank stated:

Yes, we already have crypto! It is a functionality that is being progressively enabled for all our users. When you have it enabled you will be able to view it by entering ‘Investments’ from the app.

Brubank chose to offer only four cryptocurrencies on its platform, listing BTC, ETH, and two stablecoins: USDC and DAI.

Legality of the Banking Crypto Frenzy

Brubank is not the first banking institution to include cryptocurrency services for its customers in Argentina. On May 2, Banco Galicia, another private bank, also announced it was already offering cryptocurrency investments directly from its home banking app, after noting a demand for these instruments from customers.

However, cryptocurrencies are still not regulated in the country, and banks cannot offer cryptocurrency investments by themselves. To do this, banks are partnering with third-party institutions that operate outside the country, offering white label services. In the case of Banco Galicia, it is Lirium, a European regulated platform, that provides the liquidity, executes the trades, and provides custody services for the customer of the bank. Brubank has not yet announced which platform is providing these services for the institution.

The nature of such arrangements means that the funds stored in these cryptocurrency wallets are not secured by the laws of the country, and are out of the scope of the protections that institutions of the country, like the central bank or the National Values Commission, can offer for investment instruments.

What do you think about the inclusion of crypto in another Argentinian bank? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

On Wednesday, the world’s largest family-owned banking institution, LGT Bank, announced that it has selected SEBA Bank in order to provide cryptocurrency custody and brokerage services to clients. LGT will start by offering investments in bitcoin and ethereum and the bank’s customers can incorporate the digital assets into their existing LGT Bank-managed portfolios.

LGT Bank Adds Crypto Services by Partnering With the FINMA Licensed SEBA Bank

The largest family-owned private banking and asset management firm LGT Group has revealed the parent company’s banking institution will now offer crypto investment opportunities. LGT Group is over 100 years old and the financial institution is owned by the princely House of Liechtenstein.

On May 4, SEBA Bank, a FINMA licensed digital assets banking platform, revealed that LGT Bank has chosen SEBA as a cryptocurrency partner. LGT will leverage SEBA’s regulated crypto platform and custody services so the bank’s clientele can invest in crypto assets. Roland Matt, the CEO of LGT Bank, Liechtenstein, detailed that LGT has seen increased demand for crypto products from customers.

“The demand for cryptocurrencies has also increased among our clients in recent years,” the LGT CEO said in a statement on Wednesday. “We are very pleased that we can now offer our client easy access to these asset class. When developing our new offering, we paid particular attention to security while focusing on clear, reliable processes and procedures.”

The executive of the family owned private bank added:

They are central for 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.

LGT to Initially Offer Bitcoin and Ethereum Investments

LGT and its clients will leverage “SEBA Bank’s ISAE 3402 certified hot and cold storage custody solutions” and the bank will initially allow investments in bitcoin (BTC) and ethereum (ETH). At first, the crypto investment opportunity will be available to “selected client groups” chosen by LGT.

The bank further notes that customers interested in the crypto services must reside in Liechtenstein or Switzerland. Franz Bergmüller, the CEO of SEBA Bank, explained on Wednesday that SEBA looks forward to working with LGT Bank.

“The range of services combined with the highest security standards makes SEBA Bank’s service offering unique and we are very pleased to be able to support LGT with our expertise in expanding its services around digital assets,” Bergmüller said during the announcement.

Tags in this story
100 years old, banks, Digital Assets, family-owned, family-owned bank, financial institution, Franz Bergmüller, Investments, LGT Bank, LGT Bank Bitcoin, LGT Bank Ethereum, LGT Group, Liechtenstein, princely House of Liechtenstein, private bank, SEBA Bank, Switzerland

What do you think about LGT Bank offering crypto services via SEBA Bank? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.