Two of the largest five banks in Germany, Commerzbank and DZ Bank, are set to introduce Bitcoin and cryptocurrency trading services in response to rising institutional interest.
BREAKING: 🇩🇪 $500 billion Commerzbank will begin offering #Bitcoin and crypto trading. pic.twitter.com/KrOCOx5N9P
— Bitcoin Magazine (@BitcoinMagazine) September 19, 2024
Commerzbank, which ranks as the second-largest bank in the country by branch count, has partnered with Crypto Finance, a subsidiary of Deutsche Boerse, to offer trading services for its corporate clients. Meanwhile, DZ Bank, Germany’s second-largest lender, is equipping its 700 cooperative banks to facilitate Bitcoin and crypto trading through a collaboration with the Boerse Stuttgart exchange.
This development follows shortly after Zurich Cantonal Bank in Switzerland launched retail Bitcoin and crypto services. Major financial institutions around the globe are increasingly adopting Bitcoin and cryptocurrencies in light of the successful introduction of the first U.S. Bitcoin ETFs.
“Our digital asset offerings allow our corporate clients to capitalize on the opportunities that Bitcoin and ether present for the very first time,” explained a Commerzbank official.
With a combined asset management portfolio exceeding $1 trillion, DZ Bank and Commerzbank’s involvement significantly broadens access to Bitcoin in Europe’s largest economy. The head of trading at DZ Bank noted that professional investors are swiftly allocating resources to Bitcoin and crypto assets, underscoring the importance of regulated services for portfolio diversification and risk management.
This development marks a significant step forward in Bitcoin’s adoption within the European financial sector. With key banks now providing access, Bitcoin is steadily gaining mainstream traction.
