Germany's largest federal bank, the Staatsbank Baden-Württemberg, plans to offer crypto custody services in the second half of 2024, according to a new report.
According to Bloomberg, the State Bank of Baden-Württemberg announced a new partnership with Bitpanda to provide crypto custody services to institutional customers in the second half of 2024.
According to the report, the bank aims to meet growing corporate demand for safekeeping of digital assets.
Jürgen Hallenger, Managing Director of Corporate Banking at the State Bank of Baden-Württemberg.
“Business customer demand for digital assets is increasing.”
According to the report, Bitpanda's cryptocurrency custodian platform with decentralized finance (DeFi) capabilities will be used for the new service.
Gonzalo Lamas, Head of Global Communications at Bitpanda, said:
“As part of this collaboration, LBBW will deploy our “Investing as a Service” infrastructure and services used to provide sourcing and custody services for cryptocurrencies such as Bitcoin, Ethereum, and other digital assets. I am making use of it. The partnership aims to strengthen LBBW's digital asset offering and ensure high security and innovative solutions for its corporate customers. ”
Meanwhile, Deutsche Bank and Germany's second-largest bank, DZ Bank, are also preparing to launch crypto asset services as the European Market for 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 crypto asset regulation.
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