Germany’s DekaBank Launches Crypto Trading Services for Institutions

In a latest update, as per a report from Bloomberg, DekaBank, a German investment bank managing $395 billion in assets, has launched cryptocurrency trading and custody services for institutional clients after nearly two years of development.

German investment bank DekaBank, with $395 billion in assets under management, has now launched cryptocurrency trading and custody services for institutional clients, after nearly two years of development, a report from Bloomberg highlights.

The bank received regulatory approval for a crypto custody license from the Federal Financial Supervisory Authority (BaFin) and operates under the oversight of the European Central Bank (ECB).

“We have the necessary experience, required licenses and a tested, ready-to-use infrastructure to support savings banks and our institutional clients,” noted Martin K. Müller, a board member of DekaBank.

As the asset manager for Germany’s largest financial group, Sparkassen-Finanzgruppe, DekaBank is promoting its new services with an emphasis on security and regulatory compliance.

Other financial institutions in Germany’s savings bank sector have already launched cryptocurrency services. For example, Landesbank Baden-Württemberg (LBBW) has teamed up with Bitpanda to enable corporate clients to trade cryptocurrencies. Meanwhile, Germany’s cooperative banks, led by DZ Bank, plan to launch a crypto offering for private customers by mid-year, in partnership with IT service provider Atruvia and the Stuttgart Stock Exchange.