As per the agreement, Bitpanda's "investment-as-a-service" infrastructure for storing and acquiring cryptocurrency will be assumed by LBBW.

The agreement was prompted by German businesses' increasing adoption of cryptocurrency assets and the resulting demand for crypto custody services.

Using the Bitpanda platform, LBBW will offer crypto custody services to its corporate clients. A trial program is scheduled for the second half of 2024.

"Our business clients are requesting more and more digital content. We firmly believe that cryptocurrency assets will become a fundamental component of new business strategies.

Dr. Jürgen Harengel, COO of Corporate Bank at LBBW, states, "With the cooperation, we are creating the technical and regulatory basis at an early stage to best support the individual crypto strategies of our corporate customers."