Landesbank Baden-Württemberg, the largest federal bank in Germany, is set to launch cryptocurrency custody services in collaboration with Bitpanda in the second half of 2024. The move comes in response to increasing demand from corporate clients for digital asset custody solutions. Jürgen Harengel, managing director of corporate banking at Landesbank Baden-Württemberg, emphasized the rising interest in digital assets among their corporate customers.
The partnership with Bitpanda will utilize the crypto custody platform with decentralized finance capabilities to provide custody services for cryptocurrencies like Bitcoin and Ethereum, among others. Gonzalo Lamas, head of global communication at Bitpanda, highlighted that the collaboration aims to enhance Landesbank Baden-Württemberg’s digital asset offerings, ensuring high security and innovative solutions for corporate clients.
Furthermore, Deutsche Bank and DZ Bank, Germany’s second-largest bank, are also gearing up to offer crypto services as the European Union’s Markets in Crypto-Assets (MiCA) regulation comes into full effect in December 2024. MiCA regulation aims to protect investors and streamline virtual asset regulation across the EU.
There is a growing acceptance and adoption of cryptocurrencies within the traditional financial sector in Germany. As major banks like Landesbank Baden-Württemberg and Deutsche Bank embrace crypto custody services, it is a milestone in the integration of digital assets into mainstream finance.
