DekaBank, a German investment bank with $395 billion in assets under management, is reportedly rolling out crypto trading services for certain clients.
According to a new report by Bloomberg, DekaBank is now providing the purchase, sale, custody and management of cryptocurrencies for its institutional customers.
Says DekaBank board member Martin Müller,
“We have the necessary experience, the necessary licenses and a tested and ready-to-use infrastructure to support savings banks and our other institutional customers.”
DekaBank has secured the proper permits to provide digital asset services, including a crypto custody license under the Banking Act from the European Central Bank and the Federal Financial Supervisory Authority (Bafin).
DekaBank believes there is demand for institutional investors to buy crypto and diversify their portfolios.
Other savings banks in Germany are already providing crypto services, including Landesbank Baden-Württemberg (LBBW), which has partnered with crypto platform Bitpanda to allow its corporate clients to buy and sell digital assets.
Some savings banks also plan to roll out crypto services for private customers.
Germany’s cooperative banks Volksbank and Raiffeisenbank, led by DZ Bank, are slated to offer private customers crypto services by the middle of the year.
The effort is being launched in partnership with IT service provider Atruvia and the Stuttgart Stock Exchange.
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