LBBW management said that custodial services will be available to institutional and corporate clients. The ability to store cryptocurrencies will appear in the second half of 2024. Note that LBBW manages assets totaling about 333 billion euros ($355 billion).
Managing Director of Corporate Services at LBBW, Jürgen Harengel, noted that the demand for digital assets from large clients is constantly growing. Kharengel is confident that in the future crypto assets will be used in most business transactions. Thanks to cooperation with Bitpanda, the bank will be able to prepare in advance the technical and regulatory framework so that its corporate clients can work with crypto assets.
This partnership agreement was concluded ahead of the entry into force of the EU Cryptocurrency Act (MiCA). In November 2022, Bitpanda received a license from the German Federal Financial Supervisory Authority (BaFin), allowing the exchange to operate in the country.
Let us recall that at the beginning of the year, Crypto Finance, a subsidiary of the Deutsche Börse Group, received a license from the German regulator. In March, the German stock exchange Deutsche Börse launched the regulated cryptocurrency trading platform Deutsche Börse Digital Exchange (DBDX) for institutional trading of cryptocurrencies and custody of digital assets.
Source: Bits
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