- Germany’s largest federal lender, LBBW, partners with Bitpanda to offer crypto custody services.
- LBBW plans to launch its crypto custody solution focusing on bitcoin and ethereum by mid-2024.
- Collaboration aims to meet increasing demand for digital assets among corporate clients.
- Bitpanda Technology Solutions to provide infrastructure for LBBW’s crypto custody services.
LBBW Ventures into Crypto Custody Services
In a strategic move reflecting the evolving financial landscape, Landesbank Baden-Württemberg (LBBW), Germany’s foremost state-supported Landesbank lender, has unveiled plans to introduce cryptocurrency services in addition to its traditional banking offerings. Teaming up with Bitpanda, an Austrian-based cryptocurrency exchange, LBBW sets its sights on launching a comprehensive crypto custody solution by the second half of 2024. This significant development underscores LBBW’s proactive approach to meet the burgeoning demand for digital assets among its corporate clientele.
A Collaborative Endeavor
The collaboration between LBBW and Bitpanda signifies a concerted effort to cater to the evolving needs of the financial market. By leveraging Bitpanda’s expertise in crypto trading and investment solutions, LBBW aims to provide its corporate clients with seamless access to cryptocurrencies, starting with bitcoin and ethereum, the two leading digital assets by market capitalization. Dr. Jürgen Harengel, COO of the Corporate Bank at LBBW, emphasizes the growing interest in crypto assets among corporate customers, highlighting the need for a robust infrastructure to support their evolving strategies.
Empowering Corporate Clients
Bitpanda’s role in the partnership extends beyond mere collaboration, as Bitpanda Technology Solutions assumes the responsibility of furnishing LBBW with an advanced “Investment-as-a-Service” infrastructure. This strategic alliance not only bolsters LBBW’s competitive edge but also underscores its commitment to upholding the highest standards of security and regulatory compliance. Stefanie Münz, a member of the LBBW Board of Directors, underscores the added value of crypto-asset custody for corporate clients, emphasizing the pivotal role of security in fostering trust and confidence in the burgeoning digital asset ecosystem.