LBBW is set to roll out crypto custody services in H2 2024.
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Landsbank Baden-Württemberg (LBBW), Germany's premier federal bank, is set to launch crypto custody services in the second half of this year. The services were developed in partnership with Austria-based crypto exchange Bitpanda, the exchange shared today in a post on X.
New partnership alert: Bitpanda x LBBW 🤝
Landesbank Baden-Württemberg, Germany's largest federal state bank, partners with Bitpanda to grow their digital assets!
Bitpanda Technology Solutions provides LBBW with “Investment-as-a-Service” infrastructure in… pic.twitter.com/hIwNXp9Wp4
— Bitpanda (@Bitpanda_global) April 15, 2024
The upcoming offerings will be available to institutional and corporate customers, the two companies announced in an announcement.
According to LBW, the main reason for launching crypto custody services is the growing interest of the bank's corporate clients in digital assets such as Bitcoin and Ethereum.
“The demand for digital assets from our corporate clients is increasing,” said Dr. Jürgen Harengel, COO Corporate Bank at LBBW. “We are confident that crypto assets will establish themselves as building blocks for future business models. Through this collaboration, we are creating the technical and regulatory foundation at an early stage to better support our corporate clients' individual cryptocurrency strategies.”
Dr. Jürgen believes the bank's strategic partnership with Bitpanda will “complement” the digital asset offerings of the two companies. Both companies are committed to “customer trust, security and regulation”.
As one of the most secure and highly regulated crypto service providers in the European market, Bitpanda provides LBBW with the technical infrastructure and regulatory compliance needed to provide crypto protection, Dr. Jürgen pointed out.
By partnering with Bitpanda, LBW is enabling its corporate clients to confidently engage in the crypto space and explore new business opportunities with blockchain technology, Dr. Jurgen pointed out.
“With Bitpanda, LBBW can provide its corporate customers with an efficient, and very important for us, process of cryptographic transactions. This unlocks the benefits of blockchain technology for our customers and helps them create new business models,” said Dr. Jürgen.
LBBW's latest move is in line with a broader trend in Germany where banks and asset managers are getting involved in the crypto sector. Earlier this month, Germany's leading asset management firm DWS, in partnership with Galaxy Digital, introduced two new Xtrackers exchange-traded products (ETCs). The organization aims to provide investors direct access to Bitcoin and Ethereum.
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