[NEWS] Germany's largest state bank LBBW partners with Bitpanda to provide cryptocurrency custody services

Bitpanda, a foreign cryptocurrency exchange, announced that it has partnered with Baden-Württemberg Bank (LBBW), Germany's largest state bank. Through this strategic partnership, Bitpanda will provide LBBW clients with cryptocurrency custody and other related services.

Stephanie Munz, LBBW's board member responsible for finance and strategy, said in a statement: "By providing cryptocurrency custody services, we will be able to provide added value to our corporate clients while maintaining the highest security standards. We will provide the necessary technical and regulatory infrastructure to offer our clients innovative and secure solutions in the field of digital assets."

The number of companies trading cryptocurrency in Germany is increasing year by year. This indicates the growing demand and importance of cryptocurrency custody. LBBW and Bitpanda plan to provide LBBW's corporate clients with cryptocurrency custody and other related services over the coming months.

Stephen Paxman, head of digital initiatives and innovation at LBBW, said: "Through Bitpanda's crypto custody services, we are strengthening our digital asset offering. The market for digital investment products is constantly evolving. As a regulated state bank, it is essential for us to continue to promote this innovative theme in the German market."

Jürgen Harengel, COO of LBBW, also said: "Corporate client demand for digital assets is growing," and emphasized: "It is clear that crypto assets will establish themselves as a component of further business models. Together, we are building the technical and regulatory platform at an early stage to provide the best possible support."

In addition, Lukas Enzersdorfer-Konrad, who works on Bitpanda Technology Solution, the solution that will realize this initiative, said, "This partnership is groundbreaking. LBBW will take the initiative for its customers and show how tradition and experience can work together with innovation, agility and a pioneering spirit."

Bitpanda is in the process of registering licenses as a crypto asset service provider in Germany and other European countries. In November last year, it obtained a license for crypto asset trading and custody operations from BaFin (German Federal Financial Supervisory Authority).

Reference: Announcement
Image: Shutterstock

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