Landesbank Baden-Württemberg (LBBW) – Germany’s largest federal financial institution – is able to provide digital asset custody companies and has partnered with crypto alternate Bitpanda.
Its major aim is to satisfy the rising demand for digital wealth administration amongst institutional and company purchasers and its launch is scheduled for the second half of 2024.
In response to the official announcement, LBBW will leverage Bitpanda Expertise Resolution’s superior “Funding-as-a-Service” (IaaS) infrastructure to offer its company prospects with cryptocurrency custody and buying companies.
Bitpanda stated the pilot for the custody and buy of cryptocurrencies corresponding to Bitcoin, Ethereum and different digital property can be additional developed within the coming months.
Commenting on the event, Dr. Jürgen Harengel, COO of Company Financial institution at LBBW:
“The demand from our enterprise prospects for digital property is rising. We’re satisfied that crypto property 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 help the person crypto methods of our enterprise prospects.”
German banks and asset managers have regularly develop into extra concerned in crypto property by providing custody companies and creating their very own merchandise for this asset class, presumably in anticipation of upcoming EU rules.
Deutsche Financial institution, for instance, is creating its personal digital asset custody service, and its DWS unit is concerned in a gaggle making a euro-denominated stablecoin.
Final February, DZ Financial institution, which is the second-largest German financial institution by property, introduced plans to supply digital custody companies in partnership with Swiss firm Metaco and orchestration platform Harmonize.
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