German state-backed lender LBBW to offer crypto custody services through Bitpanda partnership

German state-owned bank LBBW has announced a strategic partnership with Austrian exchange platform Bitpanda to offer crypto custody services to corporate clients. The partnership will provide LBBW with "Investment-as-a-Service" infrastructure to store and procure cryptocurrencies such as bitcoin and ether. The market launch for the service is expected to take place in the second half of 2024, with LBBW and Bitpanda creating the technical and regulatory basis to support the individual crypto strategies of corporate customers. The move comes as demand for digital assets among LBBW's corporate clients continues to increase.