Landesbank Baden-Württemberg (LBBW), a prominent federal bank in Germany, is gearing up to unveil crypto custody services in the latter half of this year. This announcement comes following a collaboration with Austria-based crypto exchange Bitpanda, as shared by the exchange on X today.
The upcoming services will cater to institutional and corporate clients, highlighting the strategic focus of both entities.
LBBW highlighted that the impetus behind launching crypto custody services stems from the increasing demand among its corporate clients for digital assets such as Bitcoin and Ethereum.
Dr. Jürgen Harengel, COO Corporate Bank at LBBW, remarked, “The demand from our corporate customers for digital assets is increasing. 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 emphasized that the strategic partnership with Bitpanda will complement their respective digital asset offerings, underlining their shared commitment to trust, security, and regulatory compliance for customers.
Bitpanda, recognized as one of the most secure and regulated crypto service providers in Europe, will furnish the necessary technical infrastructure and regulatory adherence required for LBBW to offer crypto custody services.
Through this collaboration, LBBW aims to empower its corporate clients to confidently navigate the crypto landscape and explore new business avenues leveraging blockchain technology.
“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,” stated Dr. Jürgen.
LBBW’s strategic move aligns with the broader trend in Germany, where banks and asset managers are increasingly embracing the crypto sector. Recently, Germany’s major asset management firm DWS partnered with Galaxy Digital to launch two new Xtrackers exchange-traded commodities (ETCs), providing investors direct exposure to Bitcoin and Ethereum.
