Germany’s largest federal bank, Landesbank Baden-Württemberg (LBBW), has sealed partnership to offer cryptocurrency-related investment services to its clients. LBBW has partnered with Bitpanda, a cryptocurrency exchange, with plans to launch the service in the second half of 2024.

In November 2023, Bitpanda, the European-based platform, obtained a crypto trading and custody license in Germany, enabling it to operate legally in the country. Building on this development, this will offer LBBW the technical and regulatory infrastructure needed to offer its customers crypto asset trades.

LBBW and Bitpanda's "investment as a service" initiative means that the bank will provide its customers with the opportunity to invest in cryptocurrencies through its platform. This will involve the buying, selling, and holding of cryptocurrencies such as Bitcoin and Ethereum.

Dr. Jürgen Harengel, COO of LBBW Corporate Bank, stated, "The demand for digital assets from our corporate customers is growing, and we are convinced that crypto assets will establish themselves as a cornerstone for future business models."

image source: Bitpanda