DekaBank, a German investment bank with 377 billion euros ($395 billion) in assets under management, introduced cryptocurrency trading and custody services for institutional clients after almost two years of development.
The Frankfurt-based company’s move follows regulatory approval for a crypto custody license from the Federal Financial Supervisory Authority (BaFin), while operating under the supervision of the European Central Bank (ECB), Bloomberg reported.
“We have the necessary experience, required licenses and a tested, ready-to-use infrastructure to support savings banks and our institutional clients,” board member Martin K. Müller told Bloomberg.
DekaBank, the asset manager of the country’s largest financial services group, Sparkassen-Finanzgruppe, is marketing its new offering with a focus on security and regulatory compliance, according to the report.
Other cryptocurrency offerings in the country’s broader savings bank…
