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Germany’s state-backed lender LBBW partners with Bitpanda for crypto custody services

By:
on Apr 15, 2024
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  • The crypto custody services target corporate clients and will launch in the second half of 2024.
  • LBBW will have access to Bitpanda's "Investment-as-a-service" infrastructure.
  • Other German banks, Commerzbank and Deutsche Bank, have shown interest in digital assets.

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Landesbank Baden-Württemberg (LBBW), Germany’s largest state-backed lender, has partnered with Australian cryptocurrency broker Bitpanda to offer crypto custody services. The partnership gives LBBW access to Bitpanda’s “Investment-as-a-Service” infrastructure to buy and store cryptocurrencies. The cryptocurrency solutions target corporate clients. 

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Commenting on the announcement, the LBBW board of directors for finance, strategy, and operations Stefanie Münz 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.

Münz says Bitpanda provides the required technical and regulatory infrastructure to enable the lender’s customers to be innovative and enjoy secure solutions with digital assets. The crypto custody services are expected to launch in the second half of 2024. 

Demand driving digital asset services in Germany

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The partnership with Bitpanda comes when LBBW sees increased interest in digital assets among German companies. Through the partnership, LBBW expects to proactively address the demand and meet the evolving needs of its corporate clients. 

The German state-backed lender is also optimistic about the future of cryptocurrencies. Jürgen Harengel, LBBW COO of Corporate Bank pointed out: 

We are convinced that crypto assets will establish themselves as a building block for further business models.

Other German banks and asset managers have shown interest in crypto services. In November 2023, another German lender, Commerzbank AG, received a crypto custody license to launch multiple digital asset services for institutional and corporate clients. Deutsche Bank is also working toward the launch of its digital asset custody service.

The entry of LBBW is significant as the state-backed lender’s owners include some of Germany’s major savings banks. The lender controls about €333 billion or $355 billion in assets, making it the largest Federal Bank in Germany.

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