Germany’s largest federal bank enters the crypto ecosystem

German bank Landesbank Baden-Württemberg, the country's largest federal entity, will offer corporate Bitcoin and Ether custody services in partnership with Bitpanda

A strategic partnership between Bitpanda and German bank Landesbank Baden-Württemberg will allow the country’s largest federal entity to offer Bitcoin and Ether custody services.

The LBBW partnered with the Bitpanda exchange to launch the pilot this year, addressing an increase in demand for the services in this market. The bank will be able to offer “investment as a service to store and acquire cryptocurrencies to its institutional and corporate clients.”

In the announcement made this Monday through the social network X, which replicates the information from the German bank’s official statement, which clarifies that the pilot plan will begin in the second half of 2024. “It will initially include the storage and trading of Bitcoin and Ether, the two leading cryptocurrencies by market capitalization.”

Jürgen Harengel, COO of LBBW Corporate Bank, said: “The demand for digital assets from our corporate clients is increasing, and we are convinced that cryptoassets will establish themselves as a building block for other business models.”

For now, the bank is in the initial stages, taking care of the theoretical and regulatory bases that will allow the offer of the crypto custody service to its corporate clients. Other entities that have also received approval from the Federal Financial Supervisory Authority (BaFin) to operate in digital assets are Commerzbank and a division of Börse Stuttgart, Germany’s second-largest stock exchange.


Source: diariobitcoin

(Reference image source: Kanchanara in Unsplash)

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