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.
"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.
This article was written by Tareq Sikder at www.financemagnates.com.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments