Danske Bank will allow self-directed clients to buy Bitcoin and Ether exchange-traded products from BlackRock and WisdomTree via its eBanking and Mobile Banking platforms, marking its first direct crypto-linked offering.
The Danish lender said the move responds to increasing customer demand and improved regulatory clarity under the European Union’s Markets in Crypto Assets regime, with products covered by MiFID II investor protection rules.
“As cryptocurrencies have become more common as an asset class, we are receiving an increasing number of enquiries from customers wanting the option of investing in cryptocurrencies as part of their investment portfolio,”
Said Danske Bank head of investment products and offerings, Kerstin Lysholm.
Lysholm added that regulation had “generally increased confidence in cryptocurrencies” and that “the time is ripe” to offer such products to clients who accept the very high risks involved.
The bank will initially provide access to three carefully selected ETPs, two tracking Bitcoin and one tracking Ether, while requiring clients to complete suitability checks before trading, and following the announcement the Danske Bank share price was unchanged at $XX.
The decision marks a shift from Danske’s earlier stance, having barred crypto trading on its platforms in 2018 before updating its policy in 2021 to permit transfers to external crypto platforms without offering services directly.
The move reflects a broader European trend, with BBVA launching retail Bitcoin and Ether trading in Spain and Deutsche Bank reportedly preparing a crypto custody service in collaboration with Bitpanda and Taurus.
At the time of reporting, Bitcoin price was $67,606.80.