DZ Bank Partners with Boerse Stuttgart Digital to Offer Crypto Access to 700 Banks
The DZ Bank of Germany recently announced a strategic partnership with the Boerse Stuttgart Digital while seeking to provide access to institutional digital custody and trading in various cryptocurrencies to its co-operative bank customer base of 700 banks. According to the press release published today, the partnership looks forward to offering a secure, regulated on-ramp into digital assets for retail customers.
Technical Infrastructure in Place
Boerse Stuttgart Digital will provide the required technical and operational infrastructure to this venture. This infrastructure is now being put into place, scheduled to go live in steps starting with a selected retail customer base this year.
We are offering financial institutions across the continent already tried, tested, and fully regulated crypto trading and custody infrastructure with Boerse Stuttgart Digital,” said Dr. Matthias Voelkel, CEO of Boerse Stuttgart Group. “Particularly for those whose focus remains key on professionalism, security, reliability, and confidence-this is something similar to what DZ BANK has in store.
The first rollout will start this year, with a phase of gradual roll-out and testing for selected retail clients. This deal is expected to help further enforce DZ Bank’s digital asset offering after it launched a crypto custody platform in November 2022.
Growing Use of Digital Assets in Germany
The deal is also a part of the broader trend among German financial players embracing digital assets. Last month, Kreditanstalt für Wiederaufbau, the largest state-owned development bank in Germany, partnered with Boerse Stuttgart Digital on its latest blockchain-based digital bond.
Commerzbank also plans to provide trading of Bitcoin and Ether to its corporate clients through a deal with Crypto Finance. In return, other larger banks, such as LBBW, are planning to show similar crypto offerings for corporate customers.
Growing Demand for Digital Assets in Europe
The collaboration is a reflection of the increasing interest in cryptocurrencies by more established banks across Europe. Western Europe has taken the lead as the number one region in the world in terms of crypto adoption, with daily traders lying in the range of 1.2 million to 1.5 million users every day.
Among the most active countries within the region are Germany and France. However, it is Austria that has recorded the most significant yearly growth, having witnessed an exceptional increase of 70% in users.
A Serious Step Forward
This move marks one more major step for the integration of digital assets into the traditional line of financial services in Germany. The demand for security, access to those assets in a regulated manner, will only be going up with the tide as more and more financial institutions join the crypto space-a driver of innovation and further adoption across Europe.
