LBBW, the major German government-supported bank with approximately $350 billion in managed assets, intends to debut crypto custodial solutions. This move is the result of a strategic partnership with Bitpanda, an Austrian cryptocurrency exchange, aiming to cater to institutional and corporate clients.
Announcement of a new collaboration: Bitpanda joins forces with LBBW!
— Bitpanda (@Bitpanda_global) April 15, 2024
In mid-2024, a new crypto custody service is planned to be launched, catering specifically to the needs of businesses that are increasingly involved in digital assets. Jürgen Harengel, head of LBBW corporate banking, emphasized the importance of accommodating client preferences, as the demand for virtual assets continues to expand.
At first, LBBW focused on providing services to corporations and institutions. However, expanding to retail customers might cause some setbacks. LBBW has its roots in two entities formed in 1999: a commercial bank and a central bank that supports savings banks in Baden-Württemberg, Rhineland-Palatinate, and Saxony.
Through collaborating with Bitpanda, LBBW demonstrates its dedication to utilizing knowledge in the fast-advancing cryptocurrency sector. To ensure client security, LBBW provides crypto custody services as a solution for storing digital assets effectively – an essential aspect for institutional investment acceptance.
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2024-04-15 13:56