Landesbank Baden-Württemberg (LBBW), Germany’s largest state-backed lender with over $350 billion in assets under management, is set to launch crypto custody services. This development comes through a strategic collaboration with Austrian crypto exchange Bitpanda, targeting institutional and corporate clients.
A new crypto custody service, scheduled for release in mid-2024, will focus on ‘business clients’ who engage in digital assets as their interest grows in the next few years. Jürgen Harengel, director of the LBBW corporate banking department, acknowledged the growing demand for virtual assets, saying that compatibility with client requirements has always been the bank’s top priority.
While initially targeting corporate and institutional clients, extending the service to retail customers may lead to some delays. The LBBW can be traced back to two entities established in 1999: a commercial bank and a central bank serving savings banks in Baden-Württemberg, Rhineland-Palatinate, and Saxony.
The partnership with Bitpanda underscores LBBW’s commitment to leveraging expertise in the rapidly evolving cryptocurrency space. By offering crypto custody services, LBBW aims to provide its clients with secure storage solutions for their digital assets, a crucial requirement for institutional adoption.
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