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German bank LBBW enters crypto market

German bank LBBW enters crypto market

Landesbank Baden-Württemberg (LBBW), the largest federal bank in Germany, has formed an alliance with crypto custodian Bitpanda.

Under the terms of the deal, LBBW will take on Bitpanda's 'investment-as-a-service' infrastructure to store and procure cryptocurrencies. 

The reason for the partnership is the growing adoption of crypto assets by German companies and a consequent need for crypto custody services. 

LBBW will provide crypto custody services to its corproate clients via the Bitpanda platform with a pilot planned for the second half of 2024.

"The demand from our corporate customers for digital assets is increasing. We are convinced that crypto assets will establish themselves as a building block for further business models.

"With the cooperation, we are creating the technical and regulatory basis at an early stage to best support the individual crypto strategies of our corporate customers", says Dr Jürgen Harengel, COO Corporate Bank at LBBW.

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