Germany’s largest federal bank, LBBW, is into the world of cryptocurrency custody services in partnership with Bitpanda, an Austrian exchange platform. This strategic collaboration aims to provide LBBW’s clients with secure storage and procurement of various cryptocurrencies, including bitcoin (BTC) and ether (ETH) with a market launch planned for the second half of 2024.
Stefanie Münz, a member of LBBW’s board of directors overseeing finance, strategy, and operations, highlighted the significance of this move for corporate clients, the commitment to maintaining the highest security standards while offering innovative solutions in the digital asset space. LBBW plans to leverage Bitpanda’s expertise and regulatory framework to ensure reliable and secure crypto-asset custody services.
Initially targeting corporate clients, LBBW aims to cater to the increasing demand for digital assets. Jürgen Harengel, COO of Corporate Bank at LBBW, expressed confidence in the future of crypto assets as integral components of various business models. The collaboration with Bitpanda lays the groundwork to support corporate clients’ individual crypto strategies, setting the stage for a market launch in the latter half of 2024.
