Germany’s LBBW Bank Partners With Bitpanda to Offer Crypto Custody Services

TL;DR

• LBBW Bank to offer crypto custody services to institutional clients.

• The German bank partnered with Bitpand and will launch this service in the second half of the year.

Germany's Largest Federal Bank LBBW Partners with Bitpanda

Germany’s largest state-backed lender, Landesbank Baden-Württemberg (LBBW), has entered into a strategic partnership with Austrian exchange platform Bitpanda.

According to Bitpanda, the partnership will see LBBW offer crypto custody services to institutional clients. Bitpanda will provide LBBW with an Investment-as-a-Service infrastructure to store and procure cryptocurrencies including bitcoin (BTC) and ether (ETH).

While commenting on this partnership, Stefanie Münz, a member of the LBBW board of directors responsible for finance, strategy and operations, said,

"By offering crypto-asset custody, we are positioning ourselves with a clear added value for our corporate clients – while ensuring the highest security standards. Bitpanda provides the necessary technical and regulatory infrastructure to offer our customers innovative and, above all, secure solutions in the area of digital assets."

LBBW will launch its crypto custody services to corporate clients in the second half of the year.  Jürgen Harengel, COO of Corporate Bank at LBBW, added that

“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." 

Bitpanda has been expanding its presence in Europe in recent years. Last year, the crypto exchange received confirmation of registration in Spain, allowing the company to provide its range of services and products to Spanish transfers and investors.