DekaBank, one of Germany’s leading investment banks with total assets under management of 377 billion euros ($395 billion), has launched cryptocurrency trading and custody services for corporate clients.
The milestone comes after nearly two years of development and regulatory approval from the Federal Financial Supervisory Authority (BaFin), which is under the supervision of the European Central Bank (ECB), Bloomberg reported.
The Frankfurt-based institution is positioning its new service as a secure and compliant solution for institutional investors. “We have the necessary experience, the necessary licenses and a tested, ready-to-use infrastructure to support savings banks and our institutional clients,” DekaBank board member Martin K. Müller told Bloomberg.
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The app gained even more attention after an announcement from Ripple’s official X account confirming that DekaBank’s crypto services are built on Ripple Custody. “It’s a clear sign of the growing demand for institutional-grade crypto custody solutions,” the statement said.
DekaBank’s entry into the crypto market as asset manager for Germany’s largest financial services group, Sparkassen-Finanzgruppe, signals the increasing acceptance of digital assets in the country’s traditional banking sector. Other financial institutions in Germany are also expanding their crypto offerings. Landesbank Baden-Württemberg (LBBW) has partnered with Bitpanda to offer cryptocurrency trading to corporate clients, while cooperative banks led by DZ Bank plan to offer a crypto service for private clients by mid-year in collaboration with IT service provider Atruvia and the Stuttgart Stock Exchange.
*This is not investment advice.
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