Germany’s largest federal bank, LBBW, signs a strategic partnership with Bitpanda to onboard investing-as-a-service infrastructure for crypto custody.
Landesbank Baden-Württemberg (LBBW), the largest federal bank in Germany, has signed a strategic partnership with Bitpanda to leverage its investing-as-a-service infrastructure to store and procure cryptocurrencies including Bitcoin and Ethereum.
LBBW’s latest collaboration comes as it aims to enhance its digital assets offerings, prioritising high security and innovative solutions for its corporate clients.
Entering a growing crypto-trading market
Bitpanda’s collaboration with LBBW follows a similar partnership with leading Austrian bank Raiffeisenlandesbank Niederösterreich-Wien (RLB NÖ-Wien) in January this year, which became the first traditional bank in Europe to offer digital assets trading.
The clamour for digital assets trading has only been growing. Bitcoin recently shattered its previous price record, surpassing US$72,000 after reclaiming its total valuation of more than US$1tn in February this year.
Now, Germany’s LBBW is keeping pace with this growing trend by onboarding Bitpanda’s investing-as-a-service infrastructure. The move is made possible by the EU’s landmark 2023 MiCA Act, regulating digital assets trading across the bloc.
Stefanie Münz, a member of the LBBW Board of Directors responsible for finance, strategy and operations, says: “By offering crypto-asset custody, we are positioning ourselves with a clear added value for our corporate clients – while ensuring the highest security standards.
“Bitpanda provides the necessary technical and regulatory infrastructure to offer our customers innovative and, above all, secure solutions in the area of digital assets.”
For LBBW, crypto trading infrastructure is becoming increasingly important as a basic need to stay competitive, and over the coming months the bank plans to work closely with Bitpanda to offer its corporate clients a regulated platform for the custody and procurement of crypto assets.
Stephan Paxmann, LBBW’s Head of Digitalisation & Innovation, adds: “With Bitpanda’s crypto custody platform, we’re enhancing our digital assets offering with a strong European partner.
“The market for digital investment products is constantly evolving. It is, therefore, essential for us, as a regulated state bank, to continue driving this innovative topic forward in the German market.”
LBBW’s move to partner with Bitpanda furthers a milestone moment as banks continue to blend their traditional practices with new digital assets trading features.
Lukas Enzersdorfer-Konrad, CEO of Bitpanda Technology Solutions, concludes: “LBBW is taking the lead for its clients, showing how tradition and experience can go hand-in-hand with innovation, agility and pioneering spirit. We are delighted to accompany LBBW from now on.”
