Landesbank Baden-Württemberg (LBBW), the largest federal bank in Germany, has signed a strategic partnership with Bitpanda to leverage its investing-as-a-service infrastructure to store and procure cryptocurrencies including Bitcoin and Ethereum. 

LBBW’s latest collaboration comes as it aims to enhance its digital assets offerings, prioritising high security and innovative solutions for its corporate clients.

Entering a growing crypto-trading market 

Bitpanda’s collaboration with LBBW follows a similar partnership with leading Austrian bank Raiffeisenlandesbank Niederösterreich-Wien (RLB NÖ-Wien) in January this year, which became the first traditional bank in Europe to offer digital assets trading. 

The clamour for digital assets trading has only been growing. Bitcoin recently shattered its previous price record, surpassing US$72,000 after reclaiming its total valuation of more than US$1tn in February this year. 

Now, Germany’s LBBW is keeping pace with this growing trend by onboarding Bitpanda’s investing-as-a-service infrastructure. The move is made possible by the EU’s landmark 2023 MiCA Act, regulating digital assets trading across the bloc. 

Stefanie Münz, a member of the LBBW Board of Directors responsible for finance, strategy and operations, says: “By offering crypto-asset custody, we are positioning ourselves with a clear added value for our corporate clients – while ensuring the highest security standards.

“Bitpanda provides the necessary technical and regulatory infrastructure to offer our customers innovative and, above all, secure solutions in the area of digital assets.”