Landesbank Baden-Württemberg (LBBW), Germany’s largest state-backed lender, has partnered with Austrian cryptocurrency broker Bitpanda to offer cryptocurrency custody services. The partnership gives LBBW access to Bitpanda’s Investment-as-a-Service infrastructure for purchasing and storing cryptocurrencies. Cryptocurrency solutions are aimed at corporate clients.
Bitpanda offers the necessary technical and regulatory infrastructure to provide the lender’s clients with innovative and secure digital asset solutions, according to Stefanie MÜNZ, board member of finance, strategy and operations at LBBW. Cryptocurrency custody services are expected to launch in the second half of 2024. Through the partnership, LBBW expects to proactively respond to demand and meet the growing needs of its corporate clients.
LBBW’s entry into the market is significant because the state-backed lender’s owners include some of Germany’s largest savings banks. The lender has assets worth 333 billion euros, or $355 billion, making it Germany’s largest federal bank.
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