German banking giant LBBW set to roll out crypto custody services in H2 2024
The coming services aim to meet corporate demand for digital assets.
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Landesbank Baden-Württemberg (LBBW), Germany’s premier federal bank, is set to launch crypto custody services in the second half of this year. The services are developed in partnership with Austria-based crypto exchange Bitpanda, the exchange shared in a post on X today.
New partnership alert: Bitpanda x LBBW 🤝
Landesbank Baden-Württemberg, Germany's largest federal state bank will enhance their digital asset offering in partnership with Bitpanda!
Bitpanda Technology Solutions provides LBBW with an "Investment-as-a-Service" infrastructure in… pic.twitter.com/hIwNXp9Wp4
— Bitpanda (@Bitpanda_global) April 15, 2024
The coming offerings will be available to institutional and corporate clients, the two firms noted upon announcement.
According to LBBW, the driving force behind the launch of crypto custody services is the growing demand from the bank’s corporate clients for digital assets like Bitcoin and Ethereum.
“The demand from our corporate customers for digital assets is increasing,” said Dr Jürgen Harengel, COO Corporate Bank at LBBW. “We are convinced that crypto assets will establish themselves as a building block for further business models. 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.”
Dr Jürgen believes that the bank’s strategic collaboration with Bitpanda will “complement” the two companies’ digital asset offerings. Both companies are committed to “trust, security, and regulation for customers.”
As one of the most secure and highly regulated crypto service providers in the European market, Bitpanda will provide the technical infrastructure and regulatory compliance needed for LBBW to offer crypto custody, Dr Jürgen noted.
By partnering with Bitpanda, LBBW is essentially enabling their corporate clients to participate in the crypto space with confidence and explore new business opportunities using blockchain technology, Dr Jürgen highlighted.
“Together with Bitpanda, LBBW can offer its corporate customers efficient, and very important to us, very secure processing of cryptocurrency transactions. This opens up the advantages of blockchain technology to our customers and supports them in the development of new business models,” said Dr Jürgen.
LBBW’s latest move aligns with a broader trend in Germany where banks and asset managers are increasingly engaged with the crypto sector. Earlier this month, Germany’s major asset management firm DWS launched two new Xtrackers exchange-traded commodities (ETCs), in partnership with Galaxy Digital. The firm aims to provide investors with direct access to Bitcoin and Ethereum.
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