Germany’s DZ Bank to Offer Crypto Trading Through Boerse Stuttgart: Rollout Details Revealed

• DZ Bank in Germany is about to partner with Boerse Stuttgart Digital to provide crypto trading and custody services.

• German banks embrace crypto as Commerzbank (CBK) announces trading services for Bitcoin (BTC) and Ethereum (ETH).

Germany’s second-largest bank, DZ Bank, has announced that it is rolling out cryptocurrency trading and custody services to its 700 cooperative customers in collaboration with Boerse Stuttgart Digital. According to the report, the technical and operational implementation has already started, and the bank is expected to connect by the end of the year. 

The strategic partnership and development follows a recent projection that up to 25% of Europeans would invest in crypto by 2028. Speaking on this, the CEO of Boerse Stuttgart Group, Dr. Matthias Voelkel, highlighted the capabilities of its infrastructure, claiming they are customer-oriented. 

Boerse Stuttgart Digital prides itself on being a regulated trading and custody services platform that enables financial institutions to provide secure crypto access to retail customers. On top of that, it claims to have “strategic pillars” in the capital market and the digital and crypto businesses. According to their official press release, its partnership with DZ Bank would make them the first established players in Europe to provide crypto access to retailers on this scale. 

Commenting on this, Voelkel stated:

We offer Boerse Stuttgart Digital’s proven and fully regulated crypto trading and custody infrastructure to financial institutions across Europe. This is especially interesting for financial institutions that put a particular focus on professionalism, security, reliability, and trust – as does DZ BANK. Our infrastructure solutions are retail-customer-oriented, this is the towering strength of our group.

DZ Bank Following Commerzbank’s Footsteps?

Earlier in February, a Board member of DZ Bank, Souad Benkredda, disclosed to Bloomberg that the institution plans to launch a cryptocurrency trading pilot later in the year. According to him, there would be a list of varieties of assets for customers who prefer to invest “without advice.” He also cited a study by an auditing and consulting association, Genoverband, stating that every second bank plans to provide this solution to customers. 

Recently, Commerzbank (CBK) also disclosed its intention to offer crypto trading services. As reported, it signed a deal with a subsidiary of Germany’s largest stock exchange operator, Crypto Finance, for this effect. Interestingly, CBK became the first bank in the country to apply for a crypto license, as we formerly reported. 

In a press release, Commerzbank disclosed that the trading services offered by its Deutsche Boerse unit would be limited to clients based in Germany with an initial focus on Bitcoin (BTC) and Ethereum (ETH).

The head of capital markets for corporate clients at Commerzbank, Gernot Kleckner, commented on this:

Our offering in digital assets enables our corporate clients to seize the opportunities presented by Bitcoin and Ether for the first time. Our joint solution represents the highest level of security in the trading and custody of crypto assets, which is also a standard we also share with the Deutsche Boerse Group.

The crypto market appears to be in recovery mode. Bitcoin steadily rose to $63.5k after surging by 2% in the last 24 hours. 

Ethereum is also targeting a long rebound. It has increased 5% in the last 24 hours and is trading at $2.5k.