Germany’s biggest state-backed lender, Landesbank Baden-Württemberg (LBBW), is set to launch crypto custody services for its institutional and corporate clients in the second half of 2024. This move, aimed at bolstering the local virtual assets market, will leverage the expertise of crypto exchange Bitpanda, which will provide LBBW with its “investment-as-a-service” infrastructure to offer crypto to corporate clients.
The bank’s pilot program will focus on the custody and procurement of cryptocurrencies such as Bitcoin, Ethereum, and other digital assets, with plans for further development in the coming months. Jürgen Harengel, managing director of corporate banking at LBBW, noted that the move is a response to increasing demand from corporate customers for digital assets.
Harengel expressed confidence that crypto assets will become integral to future business models. While the initial focus is on institutional and corporate clients, the potential extension of the offering to retail clients is uncertain.
Established in 1999, LBBW serves as a full-service commercial bank and central bank for savings banks in Baden-Württemberg, Rhineland-Palatinate, and Saxony.