The largest federal bank in Germany, Landesbank Baden-Wurttemberg, is planning to offer cryptocurrency custody services in the second half of 2024, according to a new report.

According to Bloomberg, Landesbank Baden-Württemberg is announcing a new partnership with Bitpanda to offer crypto custody services to institutional clients in the second half of 2024.

According to the report, the bank aims to meet increasing corporate demand for digital asset custody.

Says Jürgen Harengel, managing director of corporate banking at Landesbank Baden-Württemberg,

“The demand from our corporate customers for digital assets is increasing.”

According to the report, Bitpanda’s crypto custody platform with decentralized finance (DeFi) capabilities will be used for the new offering.

Says Gonzalo Lamas, the head of global communication at Bitpanda,

“As part of this cooperation, LBBW leverages our ‘Investment-as-a-Service’ infrastructure and services, which is used to source and provide custody services for cryptocurrencies such as Bitcoin, Ethereum, and other digital assets. The collaboration aims to enhance LBBW’s digital asset offerings, ensuring high security and innovative solutions for corporate clients.”

Meanwhile, Deutsche Bank and DZ Bank, Germany’s second-largest bank, are also preparing for crypto services as Europe’s Markets in Crypto-Assets (MiCA) regulation takes full effect in December 2024. MiCA is a European Union (EU) regulation that aims to protect investors and users while streamlining virtual asset regulation.

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