German federal bank Landesbank Baden-Württemberg (LBBW) has set to offer crypto custody services through a partnership with Austria-based exchange platform Bitpanda . Germany-based state-backed lender, Landesbank Baden-Württemberg (LBBW), is set to offer crypto custody services through a partnership with Austrian exchange platform Bitpanda.

LBBW will first offer crypto custody to corporate clients with a market launch planned for the second half of 2024. The two companies have entered into a strategic partnership, which would see LBBW provided with ‘Investment-as-a-Service’ infrastructure to ‘store and procure cryptocurrencies,’ including Bitcoin (BTC) and Ethereum (ETH). Officials from LBBW said that by offering crypto-asset custody, they are positioning themselves with a clear added value for their corporate clients, while ensuring the high security standards.

Bitpanda provides the necessary technical and regulatory infrastructure to offer their customers innovative and, above all, secure solutions in the area of digital assets. The bank’s team further added that the demand from their corporate customers for digital assets is increasing. They are convinced that crypto assets will establish themselves as a building block for further business models.

With the cooperation, they are creating the technical and regulatory basis at an early stage to best support the individual crypto strategies of their corporate customers. Previous news from Bitpanda In April 2023, Raiffeisen Bank's Vienna-based unit has joined forces with Bitpanda, marking one of the first traditional banks in the EU to delve into cryptocurrency services. This collaboration aimed to provide customers with a straightforward and secure investment experience.

Leveraging Bitpanda's digital Investment-as-a-Service (IaaS) platform, the partnership offers access to a variety of investment options, including stocks, precious metals, commodities, and ETFs, with an entry point as low as EUR 1. This initiative bridges the gap between traditional banking and the evolving crypto landscape, ensuring that customers can pursue their financial goals with confidence. .