Again large banks, again Germany, which at this point is a serious candidate to be the hub for at least part of the crypto market – and specifically the one that will interest the most institutional entities. According to what was reported by Bloomberg and which was also confirmed by an official press release from the bank involved, Landesbank Baden-Württemberg.
We are talking about the largest German federal bank, which in collaboration with Bitpanda, will begin offering cryptocurrency custody services. News that will mainly interest customers, as we will see corporate of the bank, i.e. medium and large companies.
However, the signal is clear – and we will be able to discuss ours too Official Telegram channel: the banking world is increasingly interested in entering the crypto world, also to offer high-quality services to its customers. This is not the first German bank to launch into this type of service.
The largest German federal bank opens up to Bitcoin and cryptocurrencies
It’s good news, in addition to that of the approval for ETFs in Hong Kong from a few hours ago. Landesbank Baden-Württemberg, the largest federal bank in Germany, has announced the launch of custody services for Bitcoin and crypto starting from the second half of 2024.
Custodial services will be offered in collaboration with Bitpanda and it is also interesting to think about what was stated by Jürgen Harengel, who deals with the division for LBBW corporate banking.
Demand from our corporate clients for digital assets is growing.
Jürgen Harengel, LBBW
The signal is therefore clear: there are clients of certain sizes who are asking their banking groups for access to this type of asset. A clear signal that only 1 year ago we could hardly have considered credible.
As regards the size of the group, which is perhaps little known in Italy, it has assets under management of over 330 billion euros.
In Germany there is a lot of movement
A lot is happening in Germany. Deutsche Bank has also taken steps to launch its custody services. Germany which in all likelihood, together with France although in different areas, will be at the center of the new crypto cycle, at least in Europe.
We will see if responses will also arrive from Italy, where, however, very little is moving, especially at the banking level. Are we destined to be left behind? Or will there be an attempt at recovery, however late?
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