A groundbreaking development is taking place in Germany’s financial sector! Landesbank Baden-Württemberg (LBBW), one of the country’s largest federal banks, is preparing to offer cryptocurrency custody services. The bank, which will establish a partnership with the Austria-based cryptocurrency exchange Bitpanda in this field, will begin to offer this service to its corporate customers as of the second half of 2024. This step brings with it a significant change in Germany’s perspective on the cryptocurrency market.
Good news for cryptocurrencies from Germany
There is an important development in Germany’s financial sector. Landesbank Baden-Württemberg (LBBW), the country’s largest federal bank, is preparing to offer crypto custody services. In this area, the bank will partner with Austria-based Bitcoin and altcoin exchange Bitpanda. It also aims to offer its services to corporate customers starting from the second half of 2024.
Behind this decision lies the increasing interest of institutional investors in crypto assets. In fact, Jürgen Harengel, general manager of corporate banking at Landesbank Baden-Württemberg, made a statement on the subject. “Our corporate customers’ demand for cryptocurrency is increasing. “We did not remain indifferent to this demand,” he said.
Bank partners with Bitpanda
Landesbank Baden-Württemberg is taking action to provide Bitcoin and altcoin custody services. For this, it will benefit from the institutional custody solution offered by Bitpanda. According to the information on Bitpanda’s website, Bitpanda Custody is a cryptocurrency custody platform with decentralized finance (DeFi) capabilities and registered by the UK Financial Conduct Authority (FCA).
This step symbolizes the change in Germany’s perspective on the BTC and altcoin market. German banks, which were previously cautious about cryptocurrencies, are starting to step into this field with the increasing interest and the European Union introducing regulations for crypto assets.
Other German banks are also working to offer Bitcoin and altcoin services
Landesbank Baden-Württemberg is not the only German bank planning to offer cryptocurrency services. cryptokoin.com As we reported, Deutsche Bank is also active in this field. Because it has been working on crypto asset custody services since September 2023. Deutsche Bank, which has partnered with the Swiss Bitcoin and altcoin initiative Taurus, has been on the agenda in recent months. The bank aims to offer cryptocurrency custody and tokenization services.
In February, DZ Bank, Germany’s second largest bank, took action. Because the bank announced that it will launch a cryptocurrency trading pilot program in 2024. The bank launched its crypto asset custody platform in November 2023. Meanwhile, banks in Europe’s largest economy are preparing for the Markets in Crypto-Assets (MiCA) regulatory framework, which will come into full force in December 2024. MiCA will be the first comprehensive legal framework for the Bitcoin and altcoin industry.
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