Latest news with #Sparkassen
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
