DekaBank Dives into Crypto: Germany's $395B Asset Manager Launches Trading Services

Germany's DekaBank, a prominent asset manager with $395 billion in assets under management, has announced the launch of crypto trading services for its institutional clients. The bank, which has secured the necessary licenses from the European Central Bank and the Federal Financial Supervisory Authority (Bafin), will offer services including the purchase, sale, custody, and management of cryptocurrencies.

Martin Müller, a board member at DekaBank, expressed confidence in the bank's ability to support its clients in the crypto space. "We have the necessary experience, the necessary licenses, and a tested and ready-to-use infrastructure to support savings banks and our other institutional customers," Müller said.

DekaBank's entry into the crypto market comes as other German banks are also exploring digital asset services. Landesbank Baden-Württemberg (LBBW) has partnered with crypto platform Bitpanda to allow its corporate clients to buy and sell digital assets. Additionally, Germany's cooperative banks Volksbank and Raiffeisenbank, led by DZ Bank, plan to offer crypto services for private customers by the middle of the year in partnership with IT service provider Atruvia and the Stuttgart Stock Exchange.

DekaBank's move into crypto services reflects a growing demand from institutional investors looking to diversify their portfolios. As the crypto market continues to evolve, more traditional financial institutions are recognizing the potential of digital assets and the need to provide services to their clients in this space.