Landesbank Baden-Württemberg (LBBW), Germany’s largest federal bank, has announced plans to offer crypto custody services later in the year. LBBW revealed its collaboration with Bitpanda, based in Austria, and stated that it will begin these services focusing on bitcoin and ethereum, the top two cryptocurrencies by market capitalization.
Germany’s Largest Federal Lender LBBW Ventures Into Crypto Custody, Targets Mid-2024 Launch
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
LBBW and Bitpanda Collaborate to Offer Bitcoin and Ethereum Custody Services
Landesbank Baden-Württemberg (LBBW), Germany’s largest state-supported Landesbank lender, has announced its intention to provide cryptocurrency services in addition to its existing lending and commercial banking offerings. LBBW aims to roll out its crypto custody solution with Bitpanda in the second half of 2024. The bank’s executives have noted a rise in demand for crypto assets and assert that the financial institution views cryptocurrency as a long-term fixture.
“The demand from our corporate customers for digital assets is increasing. We are convinced that crypto assets will establish themselves as a building block for further business models,” stated Dr. Jürgen Harengel, COO of the Corporate Bank at LBBW. “With this cooperation, we are creating the technical and regulatory basis at an early stage to best support the individual crypto strategies of our corporate customers.”
Bitpanda clarified that Bitpanda Technology Solutions will supply LBBW with an “Investment-as-a-Service” infrastructure, enabling the bank to provide cryptocurrencies to its corporate clients. “By offering crypto-asset custody, we are positioning ourselves with a clear added value for our corporate clients, while ensuring the highest security standards,” Stefanie Münz, a member of the LBBW Board of Directors remarked on Monday.
What do you think about Germany’s largest federal bank Landesbank Baden-Württemberg partnering with Bitpanda? Share your thoughts and opinions about this subject in the comments section below.
