DekaBank, a leading German investment bank managing $395 billion in assets, has expanded into cryptocurrency services for its institutional clientele, according to a Bloomberg report.
The bank now offers a comprehensive suite of digital asset services, including cryptocurrency trading, custody solutions, and portfolio management capabilities.
Martin Müller, a DekaBank board member, emphasized the bank's readiness to serve savings banks and institutional customers, citing their established experience, regulatory compliance, and operational infrastructure.
The move comes after DekaBank secured necessary regulatory approvals, including a crypto custody license from both the European Central Bank and Germany's Federal Financial Supervisory Authority (Bafin) under the Banking Act.
This expansion reflects growing institutional interest in cryptocurrency investments and portfolio diversification. DekaBank joins other German financial institutions embracing digital assets, including Landesbank Baden-Württemberg (LBBW), which recently partnered with crypto platform Bitpanda to enable corporate clients' cryptocurrency trading.
The trend extends beyond institutional services, as Germany's cooperative banks Volksbank and Raiffeisenbank, under DZ Bank's leadership, plan to launch retail crypto services by mid-year. This initiative involves collaborations with IT provider Atruvia and the Stuttgart Stock Exchange.
DekaBank's entry into cryptocurrency services marks another milestone in traditional finance's growing acceptance of digital assets, particularly in the German banking sector.