Dekabank, a German investment bank with 377 billion euros ($ 395 billion) in assets under administration, introduced custody and cryptocurrency trade services for institutional clients after almost two years of development.
Frankfurt -based company in Frankfurt’s headquarters follows the regulatory approval of a cryptography custody license from the Federal Financial Supervision Authority (BAFIN), while it operates under the supervision of the European Central Bank (ECB), Bloomberg reported.
“We have the necessary experience, the required licenses and a proven infrastructure and ready to use to support savings banks and our institutional clients,” said Board Member Martin K. Müller to Bloomberg.
Dekabank, the asset manager of the largest financial services group in the country, Sparkassen-Finanzgrupe, is marketing its new offer with an approach to security and regulatory compliance, according to the report.
Other cryptocurrency offers have already been introduced in the broader savings banks sector in the country. Financial institutions such as Landesbank Baden-Württemberg (LBBW) have associated with cryptographic platforms such as bitpanda to allow corporate customers to buy and sell cryptocurrencies.
Meanwhile, Germany cooperative banks, led by DZ Bank, are planning to implement a cryptocurrency offer aimed at private clients in the middle of the year. The initiative is being launched together with the IT Atruvia service provider and the Stuttgart Stock Exchange.
Dekabank had not responded to a request for a comment for publication time.
