Key Takeaways:
- Strategic Partnership: Landesbank Baden-Württemberg (LBBW) partners with Bitpanda to offer cryptocurrency custody services, targeting corporate clients to enhance their digital asset management capabilities.
- Service Launch Details: Set for rollout in late 2024, the “Investment-as-a-Service” infrastructure will facilitate secure storage and transactions of major cryptocurrencies like bitcoin and ether for LBBW’s corporate customers.
- Security and Compliance Focus: Emphasizing security, LBBW’s collaboration with Bitpanda includes robust technical and regulatory frameworks to provide innovative, secure solutions for managing digital assets.
The Landesbank Baden-Württemberg (LBBW), Germany’s prominent state-backed lender, has announced a strategic partnership with Austrian exchange platform Bitpanda to offer cryptocurrency custody services.
This collaboration marks a significant step for LBBW as it moves to integrate digital assets into its service offerings, targeting the corporate sector initially.
New partnership alert: Bitpanda x LBBW 🤝
— Bitpanda (@Bitpanda_global) April 15, 2024
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
Planned for launch in the latter half of 2024, this initiative will provide LBBW’s corporate clients with an “Investment-as-a-Service” infrastructure.
This service is designed to enable the secure storage and procurement of major cryptocurrencies like bitcoin (BTC) and ether (ETH).
Stefanie Münz, a board member at LBBW responsible for finance, strategy, and operations, highlighted the strategic importance of this move.
“By offering crypto-asset custody, we are positioning ourselves with a clear added value for our corporate clients – while ensuring the highest security standards,” Münz stated in a press release.
Germany’s Banking Giants Embrace Crypto: Bitpanda to Custody LBBW’s Cryptohttps://t.co/PEBA7qRGn9
— Blockonomi (@blockonomi) April 15, 2024
She further emphasized the robust technical and regulatory framework provided by Bitpanda, which ensures that clients receive innovative and secure solutions for managing digital assets.
Jürgen Harengel, COO of Corporate Bank at LBBW, commented on the growing demand for digital assets among corporate customers and the bank’s commitment to supporting their evolving needs.
Another step towards mainstream adoption! Congrats @Bitpanda_global for this partnership with LBBW 🤝 https://t.co/fZJ2uWD9Ni
— LeadBlock Partners (@LeadBlockP) April 15, 2024
“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,” Harengel explained.
This venture into crypto custody services by LBBW, in partnership with Bitpanda, represents a forward-thinking approach to banking and finance, adapting to the increasing relevance of digital assets in the global market.
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