Bitpanda Join Forces With LBBW For Crypto Asset Custodial Solutions
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Landesbank Baden-Württemberg (LBBW), the state-supported bank in Germany, has announced its plans to enter the cryptocurrency custody industry. In a tactical decision, LBBW has revealed a collaboration with Bitpanda, a crypto exchange platform in Australia to advance this initiative.
The purpose of this partnership is to supply LBBW with the needed platform for Investment-as-a-Service, allowing for the storage and acquisition of multiple cryptocurrencies such as ether and Bitcoin.
The Collaboration Seeks To Support The Crypto Strategies Of Corporate Clients
A member of the LBBW Board of Directors responsible for Operations, strategy, and Finance, Stefanie Münz, stated that by providing crypto-asset custody, the bank is placing itself with a distinct benefit for its corporate clients. It’s also maintaining the utmost security protocols.
She added that Bitpanda offers the required regulatory and technical infrastructure to provide their customers with advanced and, most importantly, reliable solutions in the realm of digital assets
At first, the Digital asset custody services will be directed towards corporate customers, with a market debut set for the second half of 2024. This mirrors the growing demand and interest in cryptocurrency-associated services in the financial industry
The Chief Operating Officer of Corporate Bank at LBBW, Jürgen Harengel, stated that there is an increasing demand from their corporate clients for crypto assets. He believes that digital assets will serve as a foundation for future business models. He added that with the alliance, the two companies are establishing the regulatory and technical basis in the initial phase to properly back the unique crypto strategies of their corporate clients.
LBBW Focuses Its Investments On Various Sectors
Earlier, German football club, Bayern Munich revealed a multi-year collaboration with Bitpanda. Bitpanda has been chosen as the club’s official crypto exchange sponsor and platinum partner. The alliance was announced at the Allianz Arena, Bayern’s home ground, during a game against TSG Hoffenheim on 12 January 2024.
LBBW functions as a full-service bank and serves as the state bank for particular German states, including Baden-Württemberg, Rheinland-Pfalz, and Sachsen. In 2018, it was recognized as the largest state-supported Landesbank lender in Germany.
The company concentrates on life science, innovative services, telecommunication, software, information technology, and industrial technologies. It favors investing in Southern Germany, yet also explores investment possibilities in other areas across Switzerland, Austria, and Germany.
LBBW has been identified as a Major Institution since the inception of European Banking Supervision During the latter part of 2014, leading to direct supervision by the ECB.
