Landesbank Baden-Württemberg (LBBW), the state-backed financial institution of Germany, has revealed its intentions to enter the realm of cryptocurrency custody services. In a strategic maneuver, LBBW has disclosed a collaboration with the Austrian exchange platform Bitpanda to drive this initiative forward.

This partnership is geared towards furnishing LBBW with the essential framework for “Investment-as-a-Service,” which will facilitate the safekeeping and acquisition of diverse cryptocurrencies, such as bitcoin and ether.

Stefanie Münz, a Member of the LBBW Board of Directors, shared her insights on this development, emphasizing the significance of offering crypto-asset custody to provide added value to corporate clients while upholding stringent security protocols. In her statement, she highlighted Bitpanda’s role in delivering the required technical and regulatory infrastructure to introduce innovative and secure solutions in the realm of digital assets.

Initially focusing on corporate clients, the crypto custody services are slated for a market debut in the latter part of 2024, aligning with the growing interest and demand for cryptocurrency-related services in the financial domain.

Jürgen Harengel, the Chief Operating Officer (COO) of Corporate Bank at LBBW, echoed the increasing demand from corporate customers for digital assets. He expressed confidence in the establishment of crypto assets as a foundational element for future business models. Through this collaboration, LBBW aims to establish the necessary technical and regulatory groundwork early on to effectively support the unique crypto strategies of their corporate clientele.