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Landesbank Baden-Württemberg (LBBW), Germany's leading federal bank, is set to launch cryptocurrency 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 an article on X today.
New partnership alert: Bitpanda x LBBW 🤝
Landesbank Baden-Württemberg, Germany's largest federal bank, will enhance its digital asset offering in partnership with Bitpanda!
Bitpanda Technology Solutions provides LBBW with “Investment-as-a-Service” infrastructure in… pic.twitter.com/hIwNXp9Wp4
– Bitpanda (@Bitpanda_global) April 15, 2024
Upcoming offerings will be available to institutional and corporate clients, the two companies said in the announcement.
According to LBBW, the driving force behind the launch of cryptocurrency custody services is the growing demand from the bank's corporate clients for digital assets such as Bitcoin and Ethereum.
“Demand from our corporate clients 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 of new business models. Through this cooperation, we create the technical and regulatory basis at an early stage to best support the individual crypto strategies of our client companies.
Dr. Jürgen believes that the bank’s strategic collaboration with Bitpanda will “complement” both companies’ digital asset offerings. Both companies are committed to “ensuring trust, security and regulation for customers.”
As one of the most secure and regulated crypto service providers in the European market, Bitpanda will provide the technical infrastructure and regulatory compliance necessary for LBBW to offer custody of cryptocurrencies, noted Dr. Jürgen.
By partnering with Bitpanda, LBBW essentially enables its corporate clients to confidently participate in the crypto space and explore new business opportunities using blockchain technology, Dr. Jürgen highlighted.
“Together with Bitpanda, LBBW can offer its corporate clients efficient, and very importantly for us, very secure processing of cryptocurrency transactions. This opens up the benefits 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 in the crypto sector. Earlier this month, leading German asset management company DWS launched two new exchange-traded (ETC) products Xtrackers, in partnership with Galaxy Digital. The company aims to provide investors with direct access to Bitcoin and Ethereum.
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