The biggest federal bank in Germany, Landesbank Baden-Württemberg (LBBW), and Bitpanda have forged a strategic alliance to use Bitpanda's investing-as-a-service infrastructure for the storage and acquisition of cryptocurrencies, such as Ethereum and Bitcoin.

The goal of LBBW's most recent partnership is to improve the digital assets it offers to its corporate clients, emphasizing high security and creative solutions.

joining the expanding cryptocurrency trading sector

The cooperation between Bitpanda and LBBW is reminiscent of the one formed in January of this year with Raiffeisenlandesbank Niederösterreich-Wien (RLB NÖ-Wien), a prominent Austrian bank that was the first conventional bank in Europe to provide digital asset trading.

The need for dealing in digital assets has only increased. After regaining its whole worth of more than US$1 trillion in February of this year, Bitcoin just broke its previous price record, reaching over US$72,000.

Germany's LBBW has now integrated Bitpanda's investing-as-a-service infrastructure to stay up with this expanding trend. The EU's historic 2023 MiCA Act, which governs the exchange of digital assets within the EU, made the move feasible.

The LBBW Board of Directors member in charge of finance, strategy, and operations, Stefanie Münz, states: "We are positioning ourselves with a clear added value for our corporate clients – while ensuring the highest security standards – by offering crypto-asset custody."

In order to remain competitive, LBBW sees the development of crypto trading infrastructure as a fundamental requirement. In the upcoming months, the bank intends to collaborate closely with Bitpanda to provide its corporate clientele with a regulated platform for the acquisition and custody of crypto assets.

"With Bitpanda's crypto custody platform, we're enhancing our digital assets offering with a strong European partner," continues Stephan Paxmann, Head of Digitalization & Innovation at LBBW.

"The digital investment goods industry is always changing. Thus, it is imperative that we, as a state bank subject to regulation, keep advancing this novel idea in the German market."

As banks continue to meld their conventional procedures with cutting-edge features for trading digital assets, LBBW's decision to collaborate with Bitpanda marks a significant milestone.

"LBBW is taking the lead for its clients, showing how tradition and experience can go hand-in-hand with innovation, agility, and pioneering spirit," says Bitpanda Technology Solutions CEO Lukas Enzersdorfer-Konrad in closing. We are honored to support LBBW going forward."