{"id":31179,"date":"2024-04-15T11:26:51","date_gmt":"2024-04-15T11:26:51","guid":{"rendered":"https:\/\/icoinmarket.com\/germanys-largest-federal-bank-jumps-on-the-crypto-bandwagon\/"},"modified":"2024-04-15T11:26:51","modified_gmt":"2024-04-15T11:26:51","slug":"germanys-largest-federal-bank-jumps-on-the-crypto-bandwagon","status":"publish","type":"post","link":"https:\/\/icoinmarket.com\/germanys-largest-federal-bank-jumps-on-the-crypto-bandwagon\/","title":{"rendered":"Germany’s Largest Federal Bank Jumps on the Crypto Bandwagon."},"content":{"rendered":"
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Landesbank Baden-W\u00fcrttemberg (LBBW), Germany\u2019s largest federal bank, plans to offer cryptocurrency custody services. <\/p>\n
This initiative, developed in partnership with the Bitpanda exchange, highlights the traditional banking industry\u2019s increasing acceptance of digital assets. With about \u20ac333 billion (~$355 billion) in assets, LBBW\u2019s entry into the crypto custody market is a landmark event. <\/p>\n
Why German Banks Are Jumping Into Crypto Bandwagon<\/h2>\n
Starting in the second half of 2024, LBBW and Bitpanda aim to provide these services to their institutional and corporate clients. The announcement follows a rising demand for digital assets among such clients, as noted by J\u00fcrgen Harengel, managing director of corporate banking at LBBW. <\/p>\n
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\u201cThe demand from our corporate customers for digital assets is increasing,\u201d Harengel said.<\/p>\n<\/blockquote>\n
Moreover, this venture is part of a broader trend within the German financial ecosystem. Banks and asset managers across the country are actively developing custodial services and creating proprietary products for the crypto market. <\/p>\n
These efforts are largely in response to the forthcoming European Union\u2019s crypto regulations, which are expected to bring clarity and stability to the handling of digital assets. Moreover, crypto revenue in Germany is expected to hit $2.5 billion by 2028.<\/p>\n
Read more: What Is Markets in Crypto-Assets (MiCA)?<\/p>\n