Major News: Germany’s Largest Federal Bank Ventures into Crypto Custody for Institutions

Germany’s largest federal bank. Landesbank Baden-Wurttemberg, is set to launch cryptocurrency custody services in the latter half of 2024, as per a recent report. 

In collaboration with Bitpanda, the bank aims to cater to the growing corporate demand for digital asset custody. Jürgen Harengel, managing director of corporate banking at Landesbank Baden-Wurttemberg. Notes the increasing interest from corporate clients in digital assets. The partnership will utilize Bitpanda’s crypto custody platform with decentralized finance (DeFi) capabilities to ensure high security and innovative solutions for corporate clients. 

This move comes as other major players in the German banking sector, such as Deutsche Bank and DZ Bank. Also gear up to offer crypto services in anticipation of Europe’s Markets in Crypto-Assets (MiCA) regulation. Set to come into full effect in December 2024, aimed at protecting investors and streamlining virtual asset regulation in the European Union.

Clever Robot News Desk 17^th April 2024