Landesbank Baden-Württemberg (LBBW), the largest federal bank in Germany, announced the creation of an alliance with crypto-custodian Bitpanda. Under the terms of the agreement, LBBW will take over Bitpanda's investment-as-a-service infrastructure to offer users the storage and purchase of cryptocurrencies. FinTech Insider writes about this.
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Custodial services will be available to institutional and corporate clients. The ability to store cryptocurrencies will appear in the second half of 2024.
The reason for the partnership is the growing use of cryptoassets by German companies and the resulting need for cryptocurrency storage services. LBBW, according to the operating director of the corporate bank Jürgen Harengel, is convinced that crypto-assets will become a building material for further business models.
LBBW, owned by several German savings banks, the state of Baden-Württemberg and the city of Stuttgart, has assets for an amount of about €330 billion.
