Germany's DZ Bank announced on the 19th that it has partnered with Boerse Stuttgart Digital, a digital asset-related business, to provide cryptocurrency trading and custody services to over 700 cooperative banks in Germany.
DZ Bank is the second largest bank in Germany and serves as a holding within the DZ Bank Group. The group includes various specialized institutions such as Bausparkasse Schwabisch Hall, DZ HYP, DZ PRIVATBANK, TeamBank, Union Investment Group, and VR Smart Finanz. Total assets exceed 100 trillion yen.
This move marks a major step towards cryptocurrency becoming mainstream in Europe, and the bank will now offer regulated cryptocurrency services to retail customers.
With it predicted that 25% of the European population will invest in cryptocurrency by 2028, this partnership responds to the growing demand for digital assets.
On the 19th, Boerse Stuttgart Digital announced that it has become the crypto infrastructure partner of DZ Bank, the largest cooperative bank group in Europe and the leading German cooperative bank group.
Boerse Stuttgart Digital is a subsidiary of Boerse Stuttgart, the operator of Germany's second largest stock exchange, and is a regulated provider of crypto infrastructure solutions across Europe.
In a statement, DZ Bank said, "DZ Bank will use Boerse Stuttgart Digital's regulated institutional crypto infrastructure solutions to enable 700 cooperative banks to offer cryptocurrency trading to their customers and store it securely under licensed trusteeship."
Technical and operational implementation has already begun, and banks will be available to offer cryptocurrency trading services by the end of this fiscal year.
This strategic partnership is the first step in making access to cryptoassets mainstream in Europe, and DZ Bank will use this collaboration to strengthen its service offering.
The two companies will lead the adoption of cryptoassets in Europe. The announcement added that "Boerse Stuttgart Digital and DZ Bank are positioning themselves as pioneers to offer crypto assets on this scale to retail customers for the first time in Europe, marking an important milestone in the mass adoption of crypto assets."
With 25% of the European population expected to invest in crypto assets by 2028, this market offers great potential for banks and brokers.
Matthias Voelkel, CEO of Boerse Stuttgart Group, said: "Our infrastructure solutions are for retail customers, which is a formidable strength of our group," emphasizing the importance of security, professionalism and trust in the partnership.
Reference: DZ BANK
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