DZ Bank, one of Germany’s key financial institutions, has partnered with Boerse Stuttgart Digital to introduce cryptocurrency trading and custody solutions to its network of around 700 cooperative banks.
This partnership is set to roll out by the end of 2024, allowing retail customers to access digital assets like Bitcoin and Ethereum.
The new service will begin with a phased rollout, where select retail clients will initially test the crypto trading platform.
Based on the results of this testing phase, DZ Bank plans to extend the offering to a wider customer base within its cooperative banking network.
Boerse Stuttgart Digital will be responsible for providing the regulatory and technical infrastructure needed to support DZ Bank's crypto services.
This partnership focuses on delivering a structured and regulated approach to cryptocurrency trading and custody, catering to retail customers.
In a press release, Matthias Voelkel, CEO of Boerse Stuttgart Group, outlined the importance of ensuring that the infrastructure supporting these services is tailored to meet the requirements of retail clients.
The introduction of these services by DZ Bank aligns with broader trends in Germany’s financial sector, as more traditional banks move towards integrating cryptocurrency services.
Earlier this year, Landesbank Baden-Württemberg announced plans to offer crypto custody solutions to institutional clients in collaboration with Bitpanda, an Austria-based crypto platform.
DZ Bank AG, the second-largest bank in Germany by asset size, acts as the central institution for approximately 700 cooperative banks and their 7,200 branch offices.
Meanwhile, Boerse Stuttgart Digital, backed by Boerse Stuttgart Group, provides integrated and tailored solutions for cryptocurrencies and digital assets across Europe.