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German federal bank to offer crypto to institutional and corporate clients

german-federal-bank-to-offer-crypto-to-institutional-and-corporate-clients
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German federal bank to offer crypto to institutional and corporate clients

Germany’s largest federal bank is set to launch crypto custody services in collaboration with crypto exchange Bitpanda, targeting institutional and corporate clients.

Germany’s biggest state-backed lender with over $350 billion in assets under management, Landesbank Baden-Württemberg (LBBW), will launch crypto custody services for its institutional and corporate clients in the second half of 2024 in a move aimed at boosting the local market of virtual assets.

https://twitter.com/Bitpanda_global/status/1779786806268981310

In an X announcement on Apr. 15. crypto exchange Bitpanda said it would provide the lender with its “investment-as-a-service” infrastructure so that LBBW could “offer crypto to their corporate clients.”

“The pilot for custody and procurement of cryptocurrencies such as Bitcoin, Ethereum and other digital assets will be further developed in the coming months.”

Bitpanda

Commenting on the new venture, Jürgen Harengel, managing director of corporate banking at LBBW, said the move reflects the demand from the bank’s corporate customers for digital assets, as it keeps “increasing.”

“We are convinced that crypto assets will establish themselves as a building block for further business models.”

Jürgen Harengel

While the initial focus is on institutional and corporate clients, the possibility of extending the offering to retail clients remains unclear. Founded in 1999, LBBW is a full-service commercial bank and central bank for savings banks in Baden-Württemberg, Rhineland-Palatinate and Saxony. In later 2014, the lender was designated as a significant institution since the entry into force of European Banking Supervision.

LBBW’s foray into crypto custody aligns with broader industry trends in Germany, where a recent study conducted by KPMG and BTC-ECHO revealed significant interest in cryptocurrencies among private investors, with over half committing more than 20% of their total assets to crypto investments.