**DekaBank Takes a Bold Step into the Crypto World with New Trading and Custody Services**
DekaBank, an investment bank based in Frankfurt, has exciting news for its customers: it has launched crypto trading and custody services! This development comes after receiving the green light from Germany’s BaFin, showcasing a growing global trend towards embracing cryptocurrencies. As a significant player in the German financial landscape, managing over €370 billion in assets, DekaBank is now making its mark in the crypto arena.
After nearly two years of preparation and securing the necessary regulatory approvals, the bank is ready to offer cryptocurrency trading and custody services specifically designed for its institutional clients. Throughout this journey, DekaBank has prioritized security and compliance, aiming to foster a reliable environment where institutional clients can explore digital assets without the chaotic atmosphere often associated with the crypto world.
In a noteworthy partnership, Ripple, the company behind XRP, has been chosen by DekaBank as the platform for its institutional digital asset trading and custody services. This collaboration highlights the increasing demand for institutional crypto custody solutions, with DekaBank officially stating, “We are launching digital asset trading and custodial services for institutions on Ripple Custody.”
**A Global Shift Toward Crypto Adoption**
The crypto movement that began in the United States is now gaining momentum worldwide. The previous Trump administration played a significant role in this shift by creating a welcoming regulatory environment for crypto companies. As a result, banks and financial institutions across the globe are eager to join the digital asset revolution. What was once seen as unconventional technology is now being embraced by traditional finance.
DekaBank’s new offerings were made possible by obtaining a crypto custody license under the German Bank Act, which was approved by Germany’s Federal Financial Supervisory Authority (BaFin). The bank operates under the watchful eye of the European Central Bank (ECB), ensuring that it adheres to strict regulatory standards. Martin K. Müller, a board member at DekaBank, expressed the bank’s preparedness, stating, “We have the necessary experience, required licenses, and a tested, ready-to-use infrastructure to support savings banks and our institutional clients.”
**Germany’s Growing Crypto Ecosystem**
DekaBank isn’t alone in its venture into the crypto space; a wave of German banks is also catching the digital asset fever. For instance, Landesbank Baden-Württemberg (LBBW) has partnered with Bitpanda to assist their corporate clients in engaging with crypto trading and storage. Furthermore, Germany’s cooperative banks, led by DZ Bank, are set to launch crypto services for private customers by mid-2024. This initiative, developed in collaboration with IT service provider Atruvia and the Stuttgart Stock Exchange, aims to make cryptocurrency accessible to a broader audience.
