DekaBank, one of Germany's largest investment banks, has started offering crypto trading services for institutional clients after obtaining a license from BaFin. This marks a new phase in the development of the Sparkassen-Finanzgruppe financial group.
DekaBank's New Crypto Services
After nearly two years of development, DekaBank has launched cryptocurrency trading and custody services for institutional clients. The bank received regulatory approval from the Federal Financial Supervisory Authority (BaFin) and operates under the supervision of the European Central Bank (ECB).
Bank Representative's Comment
Martin K. Müller, a board member of DekaBank, noted: 'We have the necessary experience, required licenses, and a tested, ready-to-use infrastructure to support savings banks and our institutional clients.'
Competition in Financial Services Sector
Other financial institutions in Germany have also begun offering cryptocurrency services. Landesbank Baden-Württemberg, for example, has partnered with Bitpanda to enable corporate clients to trade cryptocurrencies. Additionally, Germany's cooperative banks, led by DZ Bank, plan to launch crypto services for private customers with the assistance of IT provider Atruvia and the Stuttgart Stock Exchange.
DekaBank's new crypto services bolster Sparkassen-Finanzgruppe’s position in the cryptocurrency market and highlight the growing competition in Germany’s banking services sector.
