Landesbank Baden-Württemberg (LBBW), Germany's state-backed lender, has unveiled plans to venture into cryptocurrency custody services. In a strategic move, LBBW has announced a partnership with the Austrian exchange platform Bitpanda to facilitate this initiative.

Expansion into Cryptocurrency Custody

This collaboration aims to provide LBBW with the necessary infrastructure for "Investment-as-a-Service," enabling the storage and procurement of various cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, including bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term and ether.

"By offering crypto-asset custody, we are positioning ourselves with a clear added value for our corporate clients – while ensuring the highest security standards," Stefanie Münz, the Member of the LBBW Board of Directors responsible for Finance, Strategy and Operations, said in a press statement. "Bitpanda provides the necessary technical and regulatory infrastructure to offer our customers innovative and, above all, secure solutions in the area of digital assets."

New partnership alert: Bitpanda x LBBW 🤝

Landesbank Baden-Württemberg, Germany's largest federal state bank will enhance their digital asset offering in partnership with Bitpanda!

Bitpanda Technology Solutions provides LBBW with an "Investment-as-a-Service" infrastructure in… pic.twitter.com/hIwNXp9Wp4

— Bitpanda (@Bitpanda_global) April 15, 2024

Services to Launch for Corporate Clients in 2024

Initially, the crypto custody services will be targeted towards corporate clients, with a market launch scheduled for the latter half of 2024. This reflects the increasing interest and demand for cryptocurrency-related services within the financial sector.

"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," said Jürgen Harengel, the COO of Corporate Bank at LBBW.

Earlier, Bayern Munich, the German football club, announced a multi-year partnership with Bitpanda, as reported by Finance Magnates. Bitpanda has become the club's platinum partner and official crypto trading sponsor. The partnership was revealed at Bayern's home stadium, the Allianz Arena, during a match against TSG Hoffenheim on January 12 this year.