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    LBBW needs to roll out crypto custody providers within the second half of 2024

    cryptonewsfirst.comBy No Comments4 Mins Read

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    Landesbank Baden-Württemberg (LBBW), Germany’s principal federal financial institution, will launch crypto custody providers within the second half of this yr. The providers have been developed in collaboration with Austria-based crypto change Bitpanda, the change shared in a publish on X at present.

    The upcoming providing shall be obtainable to institutional and enterprise clients, the 2 corporations stated within the announcement.

    In line with LBBW, the driving pressure behind the launch of crypto custody providers is the rising demand from the financial institution’s company shoppers for digital belongings akin to Bitcoin and Ethereum.

    “Our company clients’ demand for digital belongings is rising,” says Dr. Jürgen Harengel, COO Company Financial institution at LBBW. “We’re satisfied that crypto belongings will present a constructing block for additional enterprise fashions. With this collaboration, we’re creating the technical and regulatory foundation at an early stage to finest assist the person crypto methods of our enterprise clients.”

    Dr. Jürgen believes that the financial institution’s strategic partnership with Bitpanda will “complement” the 2 corporations’ digital asset choices. Each corporations are dedicated to “belief, security and regulation for patrons.”

    As probably the most safe and extremely regulated crypto service suppliers within the European market, Bitpanda will present the technical infrastructure and regulatory compliance that LBBW wants to supply crypto custody, Dr. Jürgen famous.

    By partnering with Bitpanda, LBBW basically permits their enterprise shoppers to confidently take part within the crypto house and discover new enterprise alternatives utilizing blockchain know-how, Dr. Jurgen.

    “Along with Bitpanda, LBBW can provide its enterprise clients environment friendly, and crucial to us, extremely safe processing of cryptocurrency transactions. This opens up the advantages of blockchain know-how to our clients and helps them in creating new enterprise fashions,” stated Dr. Jürgen.

    LBBW’s newest transfer is in keeping with a broader pattern in Germany, the place banks and asset managers are more and more concerned within the crypto sector. Earlier this month, German asset administration firm DWS launched two new Xtrackers exchange-traded commodities (ETCs), in partnership with Galaxy Digital. The corporate needs to supply traders direct entry to Bitcoin and Ethereum.

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