Key Takeaways
- DZ Bank partners with Boerse Stuttgart for Bitcoin services.
- The rollout will provide Bitcoin trading to 700 cooperative banks by 2024.
- Select retail clients will test the platform before a full launch.
Germany’s DZ Bank, the second-largest financial institution in the country, has announced a partnership with Boerse Stuttgart Digital to provide cryptocurrency trading and custody services. This collaboration will extend to around 700 cooperative banks under DZ Bank’s network, offering customers access to digital assets like Bitcoin and Ether.
The initial rollout is planned for the end of 2024, with a phased approach. The first phase will allow a select group of retail clients to test the platform, ensuring smooth integration before full-scale implementation across the entire cooperative banking network. The phased rollout is aimed at refining operational and technical elements before reaching broader customer bases.
Boerse Stuttgart Digital, the cryptocurrency division of Boerse Stuttgart Group, will provide the regulatory and technical infrastructure for DZ Bank’s services. Matthias Voelkel, CEO of Boerse Stuttgart Group, highlighted the division’s role in delivering “retail-customer-oriented” solutions for cryptocurrency trading and custody.
This move mirrors other developments in Germany’s banking sector, such as the Landesbank Baden-Württemberg’s announcement that it will begin offering cryptocurrency custody services in the second half of 2024, targeting institutional clients through a partnership with Bitpanda.
