DekaBank, a German investment bank with 377 billion euros ($395 billion) in assets under management, introduced cryptocurrency trading and custody services for institutional clients after almost two years of development.
The Frankfurt-based company’s move follows regulatory approval for a crypto custody license from the Federal Financial Supervisory Authority (BaFin), while operating under the supervision of the European Central Bank (ECB), Bloomberg reported.
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“We have the necessary experience, required licenses and a tested, ready-to-use infrastructure to support savings banks and our institutional clients,” board member Martin K. Müller told Bloomberg.
DekaBank, the asset manager of the country’s largest financial services group, Sparkassen-Finanzgruppe, is marketing its new offering with a focus on security and regulatory compliance, according to the report.
Other cryptocurrency offerings in the country’s broader savings bank sector have already been introduced. Financial institutions such as Landesbank Baden-Württemberg (LBBW), have partnered with crypto platforms like Bitpanda to allow corporate clients to buy and sell cryptocurrencies.
Meanwhile Germany’s cooperative banks, led by DZ Bank, are planning to roll out a cryptocurrency offering aimed at private customers by the middle of the year. The initiative is being launched alongside IT service provider Atruvia and the Stuttgart Stock Exchange.
DekaBank had not responded to a request for a comment by publication time.
