DekaBank, a prominent German investment bank managing assets worth 377 billion euros (approximately $395 billion), has launched its cryptocurrency trading and custody services targeted at institutional clients after nearly two years of development. This initiative comes following regulatory approval under the German Bank Act from the Federal Financial Supervisory Authority (BaFin), while the bank operates under the oversight of the European Central Bank (ECB).
- Highlights:
- DekaBank is emphasizing security and regulatory compliance for its new services.
- Other German financial institutions are introducing similar offerings, enhancing the country’s cryptocurrency infrastructure.
“We have the necessary experience, required licenses and a tested, ready-to-use infrastructure to support savings banks and our institutional clients,” said board member Martin K. Müller.
The move positions DekaBank alongside other institutions like Landesbank Baden-Württemberg (LBBW), which has partnered with crypto platforms to allow clients to engage in cryptocurrency transactions. Meanwhile, Germany’s cooperative banks are working on their own cryptocurrency offerings aimed at individual clients.
