- LBBW partners with Bitpanda to offer cryptocurrency custody services, targeting corporate clients.
- Services will utilize Bitpanda’s infrastructure for secure storage and procurement of cryptocurrencies like Bitcoin and Ether.
- The scheduled market launch for these services is in the second half of 2024.
Landesbank Baden-Württemberg (LBBW), the largest state-supported bank in Germany, announced on Monday that it will start providing cryptocurrency custody services. This new offering is made possible through a strategic alliance with Bitpanda, an exchange platform based in Austria.
Through this partnership, LBBW will utilize Bitpanda’s “Investment-as-a-Service” infrastructure to facilitate the storage and acquisition of cryptocurrencies such as bitcoin (BTC) and ether (ETH).
Stefanie Münz, a board member at Landesbank Baden-Württemberg (LBBW) responsible for finance, strategy, and operations, emphasized the strategic advantage of integrating crypto-asset custody for corporate clients, noting it ensures the highest security standards. She mentioned that Bitpanda provides the necessary technical and regulatory infrastructure to offer innovative and secure digital asset solutions.
“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, member of the LBBW board of directors
LBBW is set to initially offer crypto custody services to its corporate clients, with a planned market launch in the second half of 2024.
Jürgen Harengel, COO of LBBW’s Corporate Bank, commented on the increasing interest in digital assets among corporate clients. He believes that crypto assets will become essential to future business models and stated that the partnership with Bitpanda allows the bank to establish the technical and regulatory foundation needed to support the cryptocurrency strategies of their corporate clients effectively.
