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DZ Bank Partners with Boerse Stuttgart Digital to Offer Crypto Access to 700 Banks
DZ Bank German Bank Germany
Boerse Stuttgart Digital will provide the technical and operational infrastructure, which is already being set up. Last updated:
September 19, 2024 09:06 EDT
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Ruholamin Haqshanas
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Ruholamin Haqshanas
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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
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Last updated:
September 19, 2024 09:06 EDT
Why Trust Cryptonews With over a decade of crypto coverage, Cryptonews delivers authoritative insights you can rely on. Our veteran team of journalists and analysts combines in-depth market knowledge with hands-on testing of blockchain technologies. We maintain strict editorial standards, ensuring factual accuracy and impartial reporting on both established cryptocurrencies and emerging projects. Our longstanding presence in the industry and commitment to quality journalism make Cryptonews a trusted source in the dynamic world of digital assets. Read more about Cryptonews Germany’s DZ Bank is set to provide its 700 cooperative bank customers access to crypto trading and custody services through a partnership with Boerse Stuttgart Digital.
The collaboration, announced in a press release on Thursday, aims to enable DZ Bank’s clients to offer retail customers a secure and regulated entry point into digital assets.
Boerse Stuttgart Digital will provide the technical and operational infrastructure, which is already being set up.
First Banks to Connet This Year
The initial rollout will begin this year, with a phased implementation and testing phase for selected retail clients.
“We offer Boerse Stuttgart Digital’s proven and fully regulated crypto trading and custody infrastructure to financial institutions across Europe,” said Dr. Matthias Voelkel, CEO of Boerse Stuttgart Group.
“This is especially interesting for financial institutions which put a particular focus on professionalism, security, reliability, and trust – as does DZ BANK.”
With $627 billion in assets under management, the Frankfurt-based DZ Bank launched its own crypto custody platform in November 2022.
The move marks another significant step for German financial institutions embracing digital assets.
Last month, Germany’s largest state-owned development bank Kreditanstalt für Wiederaufbau (KfW) also partnered with Boerse Stuttgart Digital for its new blockchain-based digital bond
Commerzbank, another major German bank, recently announced plans to offer Bitcoin (BTC) and Ether (ETH) trading to its corporate clients through a partnership with Crypto Finance.
More German banks, including LBBW and DZ Bank, are also preparing to offer crypto services to corporate clients.
In April, Germany’s leading federal bank, Landesbank Baden-Württemberg (LBBW), collaborated with Bitpanda to provide cryptocurrency custody services, expected to launch later this year.
Last year, Swiss crypto infrastructure company Taurus collaborated with Deutsche Bank to establish cryptocurrency custody services alongside tokenized offerings for its clientele.
Likewise, Deutsche Bank has been ramping up its involvement in the crypto space over the last few years.
It applied for a digital asset custody license from Germany’s financial watchdog in June 2023, as part of its ongoing strategy to provide its clients with access to cryptocurrency markets and assets.
Demand for Digital Assets increased in Europe
The growing interest in cryptocurrencies by established banks reflects the increasing demand for digital assets in Europe.
As reported, Western Europe has emerged as a leading region in global crypto adoption, attracting a substantial number of daily traders, ranging from 1.2 million to 1.5 million individuals.
Germany and France are at the forefront of activity in the region, while Austria has experienced the most significant yearly growth, witnessing a remarkable 70% surge in users.
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