Latest news with #DekaBank
Yahoo
07-07-2025
- Business
- Yahoo
One Of Germany's Largest Banking Groups Set To Launch Crypto Trading For 50 Million Users
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. One of Germany's largest banking groups is changing its stance on cryptocurrencies. The Sparkassen, also known as the Savings Banks Finance Group, is preparing to launch cryptocurrency trading services for its customers, according to a Bloomberg report released on Monday. 'The Savings Banks Finance Group will provide reliable access to a regulated crypto offering,' the group reportedly said. Don't Miss: — no wallets, just price speculation and free paper trading to practice different strategies. Grow your IRA or 401(k) with Crypto – . The Sparkassen intends to offer its cryptocurrency trading services through DekaBank, the group's asset management and capital markets subsidiary, according to Bloomberg. DekaBank obtained a cryptocurrency custody license from Germany's Federal Financial Supervisory Authority and the European Central Bank in December. Before that, the firm received a cryptocurrency securities registrar license in July 2024. These licenses allowed it to launch institutional cryptocurrency trading services in February. A spokesperson for DekaBank told Bloomberg that the firm intends to get the retail service up and running in a year, targeting the summer of 2026 for launch. This is a marked shift from the position espoused by the savings banks association three years ago. At the time, committees within the group warned against offering cryptocurrency services, citing volatility and other risk concerns. Trending: New to crypto? on Coinbase. But the pivot is not totally unexpected. Bavarian Savings Banks Association President Matthias Dießl had hinted at the move in April, telling Bloomberg, 'We should also offer customers at savings banks the opportunity to trade cryptocurrencies,' albeit maintaining that the assets remained 'highly speculative.' The report of The Sparkassen's move has sparked significant excitement in cryptocurrency circles. ERA Labs CEO Filipp Bolotov described it as a 'big move for mainstream adoption.' This view comes as the bank boasts over 50 million users and €2.5 trillion ($2.9 trillion) in customer assets. The Sparkassen's move follows a broader trend in Germany and Europe. Germany's largest federal bank, Landesbank Baden-Württemberg launched a cryptocurrency custody service for institutional clients in partnership with Bitpanda in September, DZ Bank, Germany's second-largest bank, partnered with Boerse Stuttgart Digital to launch a cryptocurrency trading and custody service pilot. Bloomberg also reported on Tuesday that Deutsche Bank AG (NYSE:DB) planned to launch a cryptocurrency custody service in 2026 in partnership with Bitpanda. In the broader European area, BBVA (NYSE:BBVA), Santander, Societe Generale and Standard Chartered are among several banks that have announced plans to launch or have launched cryptocurrency services. Amid these moves, Circle (NYSE:CRCL) EU Strategy & Policy Senior Director Patrick Hansen has hailed the EU for having an edge over other regions in cryptocurrency friendliness amongst banks. 'Europe is home to the largest number of crypto-friendly banks in the world—by far,' Hansen said in March. 'It will take years for other regions to catch up. Now, it's up to European banks to cement their first-mover advantage—a position Europe doesn't typically find itself in.' The EU's pro-cryptocurrency banking pivot appears to be driven by customer demand and improving regulatory conditions with the implementation of the Markets in Crypto-Assets regulatory framework, which established guidelines for stablecoin issuance and cryptocurrency business disclosure. Read Next: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — This article One Of Germany's Largest Banking Groups Set To Launch Crypto Trading For 50 Million Users originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Coin Geek
03-07-2025
- Business
- Coin Geek
Sparkassen into 'crypto' trading; Kazakhstan sets up reserve
Getting your Trinity Audio player ready... Sparkassen-Finanzgruppe, a network of savings banks in Germany and Europe's largest financial services network, plans to offer digital asset trading services for its clients within the following year. Sparkassen will enable its over 50 million users in Germany and beyond to trade leading digital assets via its mobile app, Bloomberg reports. The new offering will be managed by DekaBank, a wholly-owned asset manager that handles over $470 billion worth of assets. Speaking to Bloomberg, a DekaBank spokesperson revealed that the group will develop the new product over the course of the next year and intends to launch it by summer 2026. DekaBank is not new to digital assets. In February, the Frankfurt-based bank introduced 'crypto' trading for its institutional clients, two years after it first announced the service. The lender received a digital asset custody license from BaFin and the European Central Bank (ECB). Last year, it issued a digital bond under the ECB's wholesale digital euro trial. Sparkassen is Germany's largest financial services institution and includes 376 local savings banks and six regional public banks. The network manages nearly $3 trillion in assets across banks, insurers, and building societies. According to the German Savings Banks and Giro Association (DSGV), which oversees the savings banks, the digital asset offering was driven by a rise in customer demand. The EU's Markets in Crypto-Assets (MiCA) regulatory framework, which took effect in December last year, has also allowed regulated institutions to venture into digital assets, DSGV added. The new service is a sharp pivot for Sparkassen, which has been anti-digital assets for years. A decade ago, it blocked all digital asset purchases for its customers and, despite industry uproar, stuck to its guns for years. Since then, its executives have advocated against digital assets, citing volatility and a lack of regulation as the biggest concerns. Even after announcing the upcoming 'crypto' service, the network still issued a warning to its customers who intend to dive into digital assets. 'Our position remains clear: cryptocurrencies are highly speculative assets,' the watchdog, DSGV, reiterated. It added that member banks under the Sparkassen network are prohibited from promoting digital asset products and that they must inform customers about the associated risks, 'including the possibility of a total loss.' While Sparkassen is gradually warming up to digital assets, other German banks are going all out. On Tuesday, Bloomberg reported that Germany's largest lender, Deutsche Bank (NASDAQ: DB), intends to launch its digital asset custody service next year, partnering with Austrian exchange Bitpanda for its technology. Last September, Commerzbank (NASDAQ: CRZBY) launched a trading and custody service for its corporate clients, while regional bank LBBW announced a similar program earlier in the year. Kazakhstan to set up national digital asset reserve Elsewhere, Kazakhstan has announced plans to establish a national digital asset reserve that the central bank will manage. The new reserve will be initially funded with the digital assets that Kazakh authorities have seized over the years, reports local outlet Kazinform. Assets mined by national institutions will also be included in the reserve. Kazakhstan is home to one of the world's largest block reward mining industries, ranking third behind the United States and China for BTC hash rate. Appointing the National Bank of Kazakhstan (NBK) to oversee and manage the reserve is a strategic decision that protects national interests, said Timur Suleimenov, the chairman of the central bank, in a response to an inquiry by legislators. He added that the reserve would allow Kazakhstan to gain a foothold in the digital asset economy without the associated risks, which include capital flight. The NBK head called on legislators to formulate laws that would govern how the fund will be managed, who will have the decision-making authority, and when and how the assets can be liquidated. Beyond the fund, the central bank called on parliament to develop policies that will rein in 'crypto' influencers who have been misleading young Kazakhs into risky investments. It also wants a framework that guides the tokenization of traditional financial instruments like stocks and bonds. Watch: Richard Baker on engineering a smarter financial world with blockchain title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Yahoo
01-07-2025
- Business
- Yahoo
Germany's Public Savings Bank Network Sparkassen to Offer Bitcoin Trading to Clients: Report
Sparkassen, a group of savings banks operating across Germany since the first established in Hamburg in 1778, has decided to introduce cryptocurrency trading services for their customers, according to a report by Bloomberg. The group will enable private clients to trade cryptocurrencies, including bitcoin (BTC) and ether (ETH), directly through their mobile banking apps via the group's securities platform, DekaBank, with the facility expected to go live by summer 2026. The news comes months after DekaBank introduced crypto trading and custody services for institutional clients and represents the growing acceptance of digital assets within traditional banking systems. The German Savings Bank Association (DSGV) reportedly backed the decision to enable crypto trading, citing growing demand and the prevalence of legal framework under the so-called European MiCAR Regulation. Earlier this year, Matthias Diessl, president of the Savings Banks in Bavaria, said in a Bloomberg interview that savings banks should offer customers the opportunity to trade cryptocurrencies, deviating from a three-year-old committee recommendation cautioning against enabling crypto trading. That said, despite warming up to the idea, DGSV still considers digital assets as highly speculative investments, according to in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Coin Geek
12-05-2025
- Business
- Coin Geek
Germany's KfW invests $11 million in digital bonds
Getting your Trinity Audio player ready... Germany-based banking giant KfW has invested $11 million on digital bonds, marking a pivotal moment for traditional finance embracing Web3 solutions. The state-owned KfW has invested in the blockchain-based Pfandbrief mortgage bond. Launched by Berlin Hyp, the digital mortgage bond was issued in 2024 as part of the European Central Bank's (ECB) wholesale blockchain settlement experiment under the German Electronic Securities Act. Going forward, KfW, described as Germany's safest bank, has signaled an intention to enter the secondary market for Berlin Hyp's digital bond. The $11 million transaction took place in an over-the-counter transaction, tapping Frankfurt-based DekaBank as seller and market maker. The arrangement sidesteps the need for a central securities depository (CSD) while leaning on DekaBank to operate as custodian. KfW executives say a key motivation for the transaction is dwindling liquidity in the secondary market, citing a lucrative market opportunity. 'As an internationally very active capital market participant, we want to put a strong emphasis on digitalisation by highlighting innovation opportunities as an issuer and as an investor,' said KfW Group Treasurer Tim Armbruster. 'We see clear long-term advantages in the use of DLT (Distributed Ledger Technology) in the financial market, as transactions are carried out faster and more efficiently,' he added. This is not KfW's first rodeo with digital bonds, as the Germany-based bank has previously issued its first offering in 2022 and another $4 billion digital bond in 2024. After its experiences with blockchain-based digital issuances, KfW rolled out suggestions to improve the state of the local ecosystem in Germany. KfW is pushing for robust secondary markets with deep liquidity and central bank settlement solutions. KfW advocates for regional central banks to recognize digital securities for collateral purposes to provide regulatory clarity for market participants; the bank argued that a collaborative European network would be a moving factor for the local industry. Digital bonds rise to meteoric highs in 2025 Digital bonds are enjoying a surge of institutional interest in recent months, reaching a valuation of $3.14 billion in 2025 alone. Issuers in Europe and Asia are recording the largest growth in the sector, dwarfing their North American counterparts. While corporations are leading the charge, governments are joining the trend. Thailand's government has plans to issue a $149 million digital bond, laying the foundation for an increased government footprint. MultiBank inks deal with MAG and Mavryk for $3 billion real estate tokenization In other news, MultiBank, Mavryk, and MAG have signed a real-world asset (RWA) tokenization deal in what appears to be the largest collaboration in the emerging sector. According to a report, real estate giant MAG will see $3 billion of its United Arab Emirates (UAE)-based luxury properties tokenized using blockchain. The arrangement taps blockchain infrastructure provider Mavryk and financial derivatives broker MultiBank Group for the initiative. 'In bringing together MAG's distinguished real estate holdings with MultiBank Group's regulatory acumen, we've created a fully governed ecosystem for RWA tokenization,' said MultiBank CEO Zak Taher. MultiBank's RWA platform will host the tokenized versions of MAG's luxury properties. The UAE-based real estate firm will see its Ritz-Carlton Residences and Creekside listed on the RWA marketplace, but there are plans to increase the value from $3 billion to $10 billion. The platform's MBG native token will provide a range of utilities for holders, including priority access to properties and trading discounts. Furthermore, holders will have access to power staking functionalities and a deflationary buyback mechanism to sweeten the deal for participants. Apart from MAG accepting the tokenization of a portion of its real estate holdings, Multibank and Mavryk have their share of the heavy lifting to do. According to the press statement, Mavryk will handle blockchain functionalities, while MultiBank will provide a regulated RWA marketplace. A close look at the fine print reveals that Mavryk will take on the additional role of decentralized finance (DeFi) integrations. On the other hand, MultiBank will run points on liquidity and governance using the MBG token while operating within the acceptable regulatory bandwidth. 'The goal is to tokenize high-value, income-generating real estate assets that have traditionally been difficult to access or trade,' read the report. Interest in real estate tokenization surges The tokenization market is inching toward mainstream acceptance, with multiple reports tipping the industry to reach $15 trillion in 2040. A chunk of the valuation is expected to be powered by real-estate tokenization, projected to rack up impressive compound annual growth rates (CAGR). Japanese leasing companies have experimented with real estate tokenization, providing market participants with fractionalization and deep liquidity perks. Israel and Nigerian authorities are proceeding to trial real estate tokenization to improve productivity and revenue generation. Watch: Fintech Revolution Summit sheds light on fintech's impact on Filipinos title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Yahoo
25-02-2025
- Business
- Yahoo
DekaBank Rolls Out Crypto Trading, Custody Services for Institutions: Bloomberg
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 sector have already been introduced. Financial institutions such as Landesbank Baden-Württemberg (LBBW), have partnered with crypto platforms like Bitpanda to allow corporate clients to buy and sell cryptocurrencies. Meanwhile Germany's cooperative banks, led by DZ Bank, are planning to roll out a cryptocurrency offering aimed at private customers by the middle of the year. The initiative is being launched alongside IT service provider Atruvia and the Stuttgart Stock Exchange. DekaBank had not responded to a request for a comment by publication time. Sign in to access your portfolio
