Landesbank Baden-Württemberg (LBBW), Germany’s largest state-backed lender, is venturing into the cryptocurrency space by partnering with Austrian exchange platform Bitpanda to offer crypto custody services. This strategic partnership will enable LBBW to provide its corporate clients with the infrastructure necessary to store and procure cryptocurrencies such as Bitcoin (BTC) and Ether (ETH).
The announcement was made by LBBW and involves key stakeholders including Stefanie Münz, a member of LBBW’s board of directors responsible for finance, strategy, and operations, and Jürgen Harengel, COO of Corporate Bank at LBBW. Bitpanda, known for its robust technical and regulatory infrastructure for digital assets, will collaborate closely with LBBW to roll out these services.
The market launch of these crypto custody services is scheduled for the second half of 2024, as outlined by the executives of LBBW during the announcement. This timeline is set to capitalize on the growing demand among corporate clients for integrated digital asset solutions.
The services will be offered in Germany, utilizing the extensive network and client base of LBBW, which stands as the largest state-backed lender in the country. This move is expected to further solidify Germany’s position as a favorable environment for the adoption and integration of digital financial technologies.
The initiative is designed to meet the increasing demand from corporate clients for secure and reliable digital asset services. LBBW aims to position itself as a leader in the crypto custody space, providing added value to its corporate clients by incorporating crypto assets as a key component of their business models. The partnership with Bitpanda is strategically important, as it ensures that LBBW can offer these services with high security standards and compliance with regulatory requirements.
By leveraging Bitpanda’s “Investment-as-a-Service” infrastructure, LBBW will be able to offer cutting-edge, secure solutions for storing and managing digital assets. This collaboration marks a significant step in LBBW’s strategy to enhance its service offerings and adapt to the evolving needs of its corporate clients in the digital age.
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