Germany’s LBBW Bank plans to provide cryptocurrency storage services in cooperation with Bitpanda
Updated: April 15, 2024, 8:06 AM EDT
Germany’s Landesbank Baden-Württemberg has announced plans to offer institutional and corporate clients an “investment-as-a-service” infrastructure for storing and procuring cryptocurrencies.
Germany’s largest federal bank has partnered with Austria-based Bitpanda exchange to implement a new cryptocurrency custody service. We plan to launch a storage pilot in the second half of 2024, which will initially include storage and trading of Bitcoin and Ethereum.
Partnership between LBBW and Bitpanda
Stefanie Münz, LBBW board member, said the partnership with Bitpanda will provide LBBW with the technical and regulatory infrastructure to offer new digital asset trading and custody solutions to its customers. She added that Münz “offers clear added value to our enterprise customers by providing storage of crypto assets, while ensuring the highest security standards.”
LBBW said it is in the early stages of building a technological and regulatory foundation to best support the individual cryptocurrency strategies of its enterprise customers.
“We are seeing a growing demand from corporate customers for digital assets and we are confident that crypto assets will become a component of additional business models,” said Dr Jurgen Harengel, COO of LBBW Corporate Bank. Press down name.
Bitpanda acquires German cryptocurrency trading and storage license
In November, Bitpanda received a cryptocurrency trading and storage license in Germany. From the country’s Federal Financial Supervisory Authority (BaFin).
The Vienna-based exchange can now legally offer German citizens cryptocurrency custody and exclusive trading on cryptocurrency assets, maintain order books and sell cryptocurrency services directly.
Bitpanda has already secured licenses across Europe, including Austria, France, Italy, Spain, UK, Czech Republic, and Sweden.
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