Tuesday, 28 May 2024

Crypto News

Germany’s largest federal state bank partners with Bitpanda

Germany's largest federal state bank partners with Bitpanda

  • Germany’s LBBW bank and crypto exchange Bitpanda have announced a partnership.
  • The federal bank will use Bitpanda’s technology to develop its own custody solution for crypto.

Landesbank Baden-Württemberg (LBBW), Germany’s largest federal bank, has partnered with Austria-based crypto exchange Bitpanda as it looks to launch its crypto custody services.

In the announcement shared on Monday, Bitpanda said the LBBW will use the crypto exchange’s technology to pilot its crypto custody and procurement services.

As part of the collaboration, Bitpanda Technology Solutions offered LBBW access to its “Investment-as-a-Service” infrastructure, which the bank will use to offer crypto services to its corporate clients.

The crypto custody solution will offer access to Bitcoin and Ethereum, with further developments set for the coming months.

The demand from our corporate customers for digital assets is increasing. We are convinced that crypto assets will establish themselves as a building block for further business models. With this cooperation, we are creating the technical and regulatory basis at an early stage to best support the individual crypto strategies of our corporate customers,” Dr Jürgen Harengel, COO Corporate Bank at LBBW, said in a statement.

According to Bitpanda CEO Lukas Enzersdofer-Konrad, the partnership between LBBW and the exchange offers customers a great avenue to access digital assets.

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