DekaBank Introduces Cryptocurrency Trading and Custody Services

DekaBank, a German investment bank with €377 billion ($395 billion) in assets under management, has launched cryptocurrency trading and custody services for institutional clients after nearly two years of development.

The Frankfurt-based bank’s decision comes after receiving regulatory approval for a crypto custody license from the Federal Financial Supervisory Authority (BaFin), operating under the supervision of the European Central Bank (ECB), as reported by Bloomberg.

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

DekaBank, which manages the assets of Germany’s largest financial services group, Sparkassen-Finanzgruppe, is marketing its new offering with an emphasis on security and regulatory compliance.

Several cryptocurrency offerings have already been introduced in the broader savings bank sector. For instance, financial institutions like Landesbank Baden-Württemberg (LBBW) have partnered with crypto platforms such as Bitpanda to enable corporate clients to trade cryptocurrencies.

Additionally, Germany’s cooperative banks, led by DZ Bank, are set to launch a cryptocurrency offering aimed at private customers by mid-year. This initiative will be executed alongside IT service provider Atruvia and the Stuttgart Stock Exchange.

As of the time of publication, DekaBank had not responded to a request for comment.