Germany's largest state bank Landesbank Baden-Württemberg (LBBW) plans to partner with the Bitpanda exchange to start providing cryptocurrency escrow services.
The Zhitong Finance App learned that Germany's largest state bank Landesbank Baden-Württemberg (LBBW) plans to cooperate with the Bitpanda exchange to start providing cryptocurrency escrow services.
The two companies said in a statement on Monday that LBBW and Bitpanda will provide cryptocurrency escrow services to institutional and corporate clients starting in the second half of 2024.
“The demand for digital assets from our corporate customers is increasing,” said Jürgen Harengel, managing director of corporate banking at LBBW.
German banks and asset managers are becoming increasingly active in the crypto asset sector, providing escrow services and developing their own products for this asset class before EU regulations come into effect later this year. Deutsche Bank is developing its own digital asset escrow service, and its DWS division is a member of a consortium that develops Euro-denominated stablecoins.
LBBW has assets of around €333 billion (US$355 billion).