LBBW Announces Partnership with Bitpanda for Crypto Custody Services

Monday, 15/04/2024 | 09:28 GMT by Tareq Sikder

The collaboration aims to provide the infrastructure for 'Investment-as-a-Service'.

The services initially target corporate clients and are slated for market launch in late 2024.

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 , including bitcoin and ether.

Stefanie Münz, Member of the LBBW Board of Directors, Source: LinkedIn

"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."

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.

Jürgen Harengel, COO of Corporate Bank at LBBW, Source: LinkedIn

"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.