Ccording to a Bloomberg News report published on April 15, 2024, LBBW is tapping into the fast-growing digital asset market by launching cryptocurrency custody services. Through a strategic partnership with Bitpanda, a leading digital exchange, LBBW will launch these services for institutional and corporate clients in late 2024.
ccording to a Bloomberg News report published on April 15, 2024, LBBW is tapping into the fast-growing digital asset market by launching #cryptocurrency custody services. Through a strategic partnership with Bitpanda, a leading digital exchange, LBBW will launch these services for institutional and corporate clients in late 2024.
LBBW's move to integrate cryptocurrency solutions reflects a broader trend among German financial institutions to increase their involvement in the digital asset sector, as JĂŒrgen Hallenger, managing director of corporate banking at LBBW, told Bloomberg, "Digital Demand for #digital assets is growing," he told Bloomberg. This growing interest is prompting more traditional banks to adapt and innovate in cryptocurrency services.
Bloomberg reports that other major German banks and asset managers are also making significant moves in the cryptocurrency sector. In particular, Deutsche Bank is developing its own digital asset custody service, and its DWS unit has joined a consortium working on euro-denominated stablecoins. These developments are part of a new wave of financial products designed to combine traditional banking services with digital asset management, and are timed to coincide with new EU regulations due to be implemented later this year.
As reported by CoinDesk, JĂŒrgen Hallenger, chief operating officer (COO) of LBBW Corporate Bank, said.
We see a growing demand for digital assets from our corporate clients. "We are convinced that crypto-assets can be a building block for further business models.
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