DekaBank launched cryptocurrency trading and custody services for institutional clients. The issue of working with retail investors remains open.
German bank DekaBank officially began offering services for buying, selling, storing, and managing cryptocurrencies for institutional clients, Bloomberg reports, citing the bank’s press release.
DekaBank is one of Germany’s largest financial institutions, playing a key role in managing funds and investments for more than 370 savings banks (Sparkassen), which are part of the German Savings Banks Association (DSGV). The bank manages over €370 billion in assets.
Martin K. Müller, Board Member at DekaBank, stated that the bank has everything necessary to support institutional clients in working with digital assets, including expertise, infrastructure, and regulatory approval. Notably, DekaBank holds licenses from both the European Central Bank and Germany’s Federal Financial Supervisory Authority (BaFin).
According to DekaBank representatives, institutional investors possess the knowledge, resources, and infrastructure needed for effective risk management in crypto investments. In the long term, digital assets may serve as a diversification tool and a strategic investment option for corporate clients. However, the question of offering services to retail investors remains unresolved within the Sparkassen group, of which DekaBank is a part.
Previously, other financial institutions within the Sparkassen group also started offering crypto-related services. For instance, Landesbank Baden-Württemberg (LBBW) announced a partnership with crypto exchange Bitpanda to provide corporate clients with a trading and custody platform for digital assets such as Bitcoin.
