Germany’s two of the largest five banks, Commerzbank and DZ Bank, are launching Bitcoin and crypto trading services amid growing institutional demand.
JUST IN: 🇩🇪 $500 billion Commerzbank to offer #Bitcoin and crypto trading. pic.twitter.com/KrOCOx5N9P
— Bitcoin Magazine (@BitcoinMagazine) September 19, 2024
Commerzbank, the country’s second-biggest bank by number of branches, signed a deal with Deutsche Boerse’s subsidiary Crypto Finance to provide trading access for corporate clients. DZ Bank, the nation’s number two lender, is enabling its 700 cooperative banks to offer Bitcoin and crypto trading via a tie-up with the Boerse Stuttgart exchange.
The moves come just weeks after Zurich Cantonal Bank in Switzerland began offering retail Bitcoin and crypto services. Major banks worldwide are increasingly embracing Bitcoin and crypto following the successful launch of the first U.S. Bitcoin ETFs.
“Our offering in digital assets enables our corporate clients to seize the opportunities presented by Bitcoin and ether for the first time,” said a Commerzbank executive.
DZ Bank and Commerzbank represent over $1 trillion in combined assets under management. Their entry significantly expands mainstream access to Bitcoin in Europe’s largest economy. DZ Bank’s head of trading said professional investors are rapidly allocating to Bitcoin and crypto, making regulated services crucial for portfolio diversification and risk management.
The moves are a milestone for Bitcoin’s integration into European finance. With leading banks providing access, Bitcoin is now going more mainstream.
Source: Bitcoin Magazine
