Landesbank Baden-Württemberg (LBBW), Germany’s largest federal bank, has announced its plans to launch crypto custody services, tapping into the increasing demand from its corporate and institutional clients. This move underscores a significant pivot towards integrating cryptocurrencies within traditional banking frameworks.
In collaboration with Austrian-based Bitpanda, LBBW aims to introduce an “investment-as-a-service” infrastructure that will support the storage and trading of digital assets such as Bitcoin and Ethereum. The pilot phase of this initiative is scheduled to commence in the second half of 2024, marking a key milestone in LBBW’s digital asset strategy.
The partnership between LBBW and Bitpanda will leverage the latter’s recently acquired German crypto trading and custody license issued by the Federal Financial Supervisory Authority (BaFin). This enables Bitpanda to legally offer crypto custody and trading services in Germany, expanding its footprint in the European crypto market.
LBBW’s Board of Directors member, Stefanie Münz, emphasized the strategic significance of this venture, noting that it positions the bank to provide substantial value to its corporate clients with the highest security standards. Dr. Jürgen Harengel, COO of LBBW Corporate Bank, highlighted the growing corporate interest in digital assets, asserting that cryptocurrencies are poised to become essential components of future business models.