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DekaBank Introduces Cryptocurrency Trading and Custody Services for Institutional Clients
DekaBank, a German investment bank with 377 billion euros ($395 billion) in assets under management, has 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), as reported by Bloomberg.
“We have the necessary experience, required licenses, and a tested, ready-to-use infrastructure to support savings banks and our institutional clients,” said Martin K. Müller, board member, in an interview with Bloomberg.
Security and Regulatory Compliance
DekaBank is marketing its new offering with a focus on security and regulatory compliance, according to the report. The company has developed a robust infrastructure that ensures the safety and integrity of clients’ assets, allowing them to trade and store cryptocurrencies with confidence.
Competition in the German Savings Bank Sector
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.
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.
Conclusion
In conclusion, DekaBank’s introduction of cryptocurrency trading and custody services for institutional clients is a significant development in the German financial sector. The company’s focus on security and regulatory compliance will provide a safe and reliable platform for clients to trade and store cryptocurrencies. As the market continues to evolve, it will be interesting to see how other institutions in the sector respond to this innovation.
FAQs
Q: What is DekaBank’s experience in the cryptocurrency market?
A: DekaBank has almost two years of experience in the cryptocurrency market, having been in development since 2022.
Q: What are the key features of DekaBank’s cryptocurrency trading and custody services?
A: The key features include security, regulatory compliance, and a tested, ready-to-use infrastructure.
Q: What is the focus of DekaBank’s new offering?
A: The focus is on security and regulatory compliance, ensuring the safety and integrity of clients’ assets.
Q: Who are DekaBank’s competitors in the German savings bank sector?
A: Competitors include Landesbank Baden-Württemberg (LBBW) and Germany’s cooperative banks, led by DZ Bank.
