One Of Germany's Largest Banking Groups Set To Launch Crypto Trading For 50 Million Users
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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.
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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.
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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 Bolotovdescribed 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 2014.
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