LBBW, the largest German federal bank, is ready to provide digital asset safekeeping solutions in partnership with cryptocurrency platform Bitpanda.
Our primary objective is to address the rising need for digital asset management among large institutions and corporations, with a planned launch in the second half of 2024.
Based on the statement from the authorities, LBBW intends to utilize Bitpanda Technology Solutions’ sophisticated “Investment-as-a-Service” (IaaS) platform for offering cryptocurrency safekeeping and acquisition solutions to their business customers.
Bitpanda announced plans to enhance its cryptocurrency custody and purchasing service for Bitcoin, Ethereum, and other digital assets over the next few months.
Commenting on the development, Dr. Jürgen Harengel, COO of Corporate Bank at LBBW, said,
“The desire from our business clients for digital assets, including cryptocurrencies, is growing. We believe that cryptos will become essential components for future commercial applications. Through this partnership, we aim to lay the groundwork both technically and legally as early as possible, enabling us to effectively assist our corporate customers in implementing their unique crypto strategies.”
Over time, German financial institutions such as banks and asset managers have increased their engagement with crypto assets through offering safekeeping solutions and developing unique offerings specifically for this asset class. This could be a response to the forthcoming European Union regulations.
Deutsche Bank is working on establishing its own digital asset storage solution, while its DWS division takes part in a collaborative project to create an euro-denominated stablecoin.
In February 2023, DZ Bank, the second largest German bank in terms of assets, unveiled intentions to commence digital asset custody through partnerships with Swiss company Metaco and harmonization platform Harmonize.
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2024-04-16 01:22