" class="no-js "lang="en-US"> Germany's Largest Federal Bank LBBW Forms Crypto Partnership With Bitpanda
Saturday, May 25, 2024

Germany’s Largest Federal Bank LBBW Forms Crypto Partnership With Bitpanda

Landesbank Baden-Württemberg (LBBW) has entered into a strategic partnership with Europe’s leading crypto platform Bitpanda. As part of this cooperation, LBBW is provided with an “Investment-as-a-Service” infrastructure, which is used, among other things, to store and procure cryptocurrencies such as Bitcoin, Ethereum and other digital assets.

“By offering crypto-asset custody, we are positioning ourselves with a clear added value for our corporate clients – while ensuring the highest security standards,” says Stefanie Münz, member of the LBBW Board of Directors responsible for finance, strategy and operations “Bitpanda provides the necessary technical and regulatory infrastructure to offer our customers innovative and, above all, secure solutions in the area of digital assets.”

The number of German companies that own or trade crypto assets continues to grow. This means that the custody of crypto assets is also becoming increasingly important as a basic infrastructure. Over the coming months, LBBW and Bitpanda will be working together to offer LBBW corporate clients a regulated platform for the custody and procurement of crypto assets.

Early Participation in a Growing Market

“With Bitpanda’s crypto custody platform, we’re enhancing our digital assets offering with a strong European partner,” says Stephan Paxmann, LBBW’s Head of Digitalisation & Innovation. “The market for digital investment products is constantly evolving. It is, therefore, essential for us, as a regulated state bank, to continue driving this innovative topic forward in the German market.”

Initially, LBBW, in collaboration with Bitpanda, will offer cryptocurrency custody to corporate clients. The market launch with a pilot is planned for the second half of 2024. In this strategic partnership, Bitpanda will take on the long-term role of technology provider.

“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 the cooperation, we are creating the technical and regulatory basis at an early stage to best support the individual crypto strategies of our corporate customers”, says Dr Jürgen Harengel, COO Corporate Bank at LBBW.

Partnership Marks a Milestone

“The partnership marks a milestone. LBBW is taking the lead for its clients, showing how tradition and experience can go hand-in-hand with innovation, agility, and pioneering spirit. We are delighted to accompany LBBW from now on,” emphasises Lukas Enzersdorfer-Konrad, CEO of Bitpanda Technology Solutions.

Bitpanda operates one of the industry’s safest and most strictly regulated crypto platforms. The company holds a MiFID II license for securities firms, a PSD II e-money license, and several crypto licenses and registrations as a Virtual Asset Provider in numerous European countries, including Germany. With over four million users, the European FinTech company has established itself as the leading platform for digital assets in the EU.

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