DZ Bank Offers Crypto to 700 Banks

Through a partnership with Boerse Stuttgart Digital, Germany’s DZ Bank will make crypto trading and custody services available to its 700 cooperative bank customers.

The partnership’s objective, disclosed in a press release on Thursday, is to provide DZ Bank’s clients with a secure and regulated entry point into digital assets for retail customers.

The technical and operational infrastructure, which is currently being established, will be provided by Boerse Stuttgart Digital.

First Banks to Connet This Year

The initial rollout will commence this year, with a phased implementation and testing phase for designated retail clients.

Dr. Matthias Voelkel, CEO of Boerse Stuttgart Group, stated, “We provide financial institutions throughout Europe with Boerse Stuttgart Digital’s fully regulated and proven crypto trading and custody infrastructure.”

“This is particularly intriguing for financial institutions that prioritize professionalism, security, reliability, and trust, such as DZ BANK.”

The Frankfurt-based DZ Bank, which manages $627 billion in assets, introduced its crypto custody platform in November 2022.

The action represents yet another substantial stride in German financial institutions’ adoption of digital assets.

Kreditanstalt für Wiederaufbau (KfW), Germany’s largest state-owned development bank, collaborated with Boerse Stuttgart Digital to launch a new blockchain-based digital bond last month.

Commerzbank, an additional significant German financial institution, has recently disclosed its intention to allow its corporate clients to trade Bitcoin (BTC) and Ethereum (ETH) through a partnership with Crypto Finance.

Additionally, additional German institutions, such as LBBW and DZ Bank, are preparing to provide corporate clients with crypto services.

In April, Landesbank Baden-Württemberg (LBBW), Germany’s foremost federal bank, partnered with Bitpanda to offer cryptocurrency custody services. The service is anticipated to be launched later this year.

Taurus, a Swiss crypto infrastructure company, partnered with Deutsche Bank last year to provide its clientele with tokenized offerings and cryptocurrency custody services.

In the same vein, Deutsche Bank has been increasing its involvement in the crypto sector in recent years.

In June 2023, as part of its ongoing strategy to offer its clients access to cryptocurrency markets and assets, it applied for a digital asset custody license from Germany’s financial authority.

The Demand for Digital Assets has increased in Europe

The increasing demand for digital assets in Europe is reflected in established banks’ expanding interest in cryptocurrencies.

Western Europe has become a prominent region in global crypto adoption, attracting many daily traders, with a range of 1.2 million to 1.5 million individuals, as previously reported.

Austria has experienced the most significant annual growth, with a remarkable 70% rise in users, while Germany and France are at the forefront of activity in the region.