Germany's Largest State Bank to Provide Crypto Custody Services

Landesbank Baden-Württemberg (LBBW), Germany's largest state-backed real estate bank, is entering the cryptocurrency sector.

According to Bloomberg, LBBW will start offering cryptocurrency custody services and these services will be available to both corporate and individual customers from the second half of 2024.

Jürgen Harengel, LBBW's managing director of corporate banking, said in a statement that the demand for cryptocurrencies among corporate clients is increasing.

This development further reinforces the interest in cryptocurrency services in the German financial sector, after Deutsche Bank partnered with a Swiss crypto infrastructure provider for cryptocurrency custody and tokenization services last year.