Germany’s Largest Federal Bank to Offer Crypto Custody Services
Landesbank Baden-Württemberg has revealed plans for a partnership with Bitpanda to introduce cryptocurrency custody services to institutional clients by the latter half of 2024, Bloomberg reports.
The move comes in response to growing corporate demand for secure digital asset custody solutions.
Jürgen Harengel, managing director of corporate banking at Landesbank Baden-Württemberg, highlighted the increasing interest in digital assets among their corporate clientele, stating, “The demand from our corporate customers for digital assets is increasing.”
Bitpanda’s crypto custody platform, featuring DeFi capabilities, will underpin the new offering.
Gonzalo Lamas, head of global communication at Bitpanda, explained that the collaboration aims to enhance Landesbank Baden-Württemberg’s digital asset services, providing innovative and secure solutions for corporate clients, including custody services for cryptocurrencies like Bitcoin and Ethereum.
READ MORE: Nigeria Faces Investor Exodus Amid Binance Executives’ Case
Meanwhile, other major German banks, including Deutsche Bank and DZ Bank, are also gearing up to offer crypto services in light of Europe’s forthcoming Markets in Crypto-Assets (MiCA) regulation, which is set to come into full effect in December 2024.
MiCA aims to establish comprehensive regulations for virtual assets within the European Union, ensuring investor protection and regulatory clarity in the burgeoning crypto market.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
