German Federal Bank Landesbank to Offer Crypto Custody Services With Bitpanda
German federal bank Landesbank Baden-Württemberg has entered a crypto partnership with Bitpanda to offer crypto-asset custody services in the second half of 2024.
In an announcement shared with CryptoNews, Bitpanda said over the next few months it will work with the German bank to provide corporate clients with a regulated platform using its “investing-as-a-service” infrastructure for crypto-asset custody and procurement. Bitpanda said a pilot is planned for the second half of 2024.
“By offering crypto-asset custody, we are positioning ourselves with a clear added value for our corporate clients – while ensuring the highest security standards,” said Stefanie Münz, member of the Landesbank Baden-Württemberg board of directors responsible for finance, strategy and operations in a press release.
“Bitpanda provides the necessary technical and regulatory infrastructure to offer our customers innovative and, above all, secure solutions in the area of digital assets,” said Münz.
Bitpanda: Another “Major Milestone”
“The partnership marks a milestone,” said Lukas Enzersdorfer-Konrad, CEO of Bitpanda Technology in the press release.
Landesbank Baden-Württemberg is a universal bank and the Landesbank for some Federal States of Germany with assets totalling approximately €333 billion ($354 billion).
Bitpanda was founded in 2014 in Austria by Eric Demuth, Paul Klanschek and Christian Trummer, achieving unicorn status in 2021. Bitpanda holds a Markets in Financial Instruments Directive II (MiFID II) license for securities firms, and several crypto licenses and registrations as a Virtual Asset Provider in numerous European countries.
Banks Allowing Clients to Trade Digital Assets
In January, Austrian cooperative bank Raiffeisenlandesbank Niederösterreich-Wien (RLB NÖ-Wien) began allowing its clients to trade digital assets via their banking apps using Bitpanda infrastructure.
Bitpanda said at the time a large traditional bank such as RLB NÖ-Wien embracing digital assets was a “major milestone” for the crypto industry.
Vienna-based RLB NÖ-Wien is a group of organized cooperative banks part of the Raiffeisen Bankengruppe of independent cooperative banks. Customers of the bank will be able to trade over 2,000 assets including cryptocurrencies, stocks, ETFs and precious metals from within their existing banking app, said Bitpanda.
Germany’s DZ Bank to Pilot Crypto Trading 2024
In February, it emerged DZ Bank, the second largest bank in Germany, is planning to begin a retail crypto trading trial this year. The service will be available for private customers who have access to cryptocurrencies independently without seeking financial advice.
Deutsche Börse, one of Europe’s biggest exchange operators, has also launched a new regulated spot platform for crypto assets targeting institutional clients. The German stock exchange said the platform dubbed the Deutsche Börse Digital Exchange (DBDX) offers a fully regulated ecosystem for the trading, settlement and custody of crypto assets.
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