DekaBank, a prominent German investment bank with a substantial $395 billion in assets under management, has made a significant move by introducing cryptocurrency trading services for select clients. This development comes as part of the bank’s efforts to cater to the growing demand for digital asset investments among institutional customers.
According to a recent report by Bloomberg, DekaBank has expanded its services to include the buying, selling, custody, and management of cryptocurrencies for institutional clients. Board member Martin Müller stated, “We have the necessary experience, licenses, and infrastructure to support savings banks and other institutional customers in this venture.”
DekaBank has obtained the required licenses to offer digital asset services, including a crypto custody license under the Banking Act from both the European Central Bank and the Federal Financial Supervisory Authority (Bafin). The bank believes that there is a strong demand from institutional investors looking to diversify their portfolios by investing in cryptocurrencies.
This move by DekaBank follows in the footsteps of other financial institutions in Germany, such as Landesbank Baden-Württemberg (LBBW), which has partnered with Bitpanda to enable its corporate clients to trade digital assets. Additionally, several savings banks in the country are planning to introduce crypto services for private customers.
One such initiative is being led by Germany’s cooperative banks Volksbank and Raiffeisenbank, in collaboration with DZ Bank, Atruvia, and the Stuttgart Stock Exchange. They are set to launch crypto services for private customers by the middle of the year, aiming to meet the increasing demand for digital asset investments among retail investors.
In conclusion, DekaBank’s foray into cryptocurrency trading services reflects the evolving landscape of the financial industry, where traditional institutions are embracing digital assets to cater to the changing needs of their clients. This move not only signifies a significant step towards mainstream adoption of cryptocurrencies but also underscores the growing importance of digital assets in the global financial ecosystem. Subscribe to stay updated on the latest developments in the crypto space.