LBBW Announces Partnership with Bitpanda for Crypto Custody Services
Initially, the crypto custody services will be targeted towards corporate clients, with a scheduled market launch expected in the latter half of 2024. This move reflects the increasing interest and demand for cryptocurrency-related services within the financial sector
Landesbank Baden-Württemberg (LBBW), a state-backed lender in Germany, has revealed plans to enter the field of cryptocurrency custody services. As part of its strategic move, LBBW has announced a partnership with the Austrian exchange platform Bitpanda to facilitate this initiative.
Expansion into Cryptocurrency Custody
This collaboration aims to provide LBBW with the necessary infrastructure for "Investment-as-a-Service," allowing the storage and acquisition of various cryptocurrencies, including bitcoin and ether.
"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 responsible for Finance, Strategy and Operations, said in a press statement. "Bitpanda provides the necessary technical and regulatory infrastructure to offer our customers innovative and, above all, secure solutions in the area of digital assets."
Initially, the crypto custody services will be targeted towards corporate clients, with a scheduled market launch expected in the latter half of 2024. This move reflects the increasing interest and demand for cryptocurrency-related services within the financial sector.
