- German banking giant Sparkassen to launch Crypto Trading for 50 Million customers by 2026.
- Sparkassen-Finanzgruppe reverses its anti-crypto stance amid growing industry adoption and regulatory clarity.
- The banking sector across Germany has been gradually embracing digital assets.
- DZ Bank, the country’s second-largest financial institution, launched a crypto pilot project with Boerse Stuttgart Digital in September 2024.
Sparkassen-Finanzgruppe, one of Germany’s largest banking groups plans to offer cryptocurrency trading services to its more than 50 million customers by next year.
This is a significant shift from the group’s previous reservations about crypto and digital assets.
A Bloomberg report published Monday states the crypto services will be integrated into the Sparkasse mobile app and managed by Dekabank, a subsidiary of the Sparkassen group already active in the digital assets space.
It must be noted that this initiative comes as the European Union embraces wide crypto regulation under the Markets in Crypto Assets (MiCA) framework, which came into effect in December of 2024.
The framework provides clarity and legal backing for banks looking to enter the digital asset space.
From Skepticism to Adoption
Sparkassen-Finanzgruppe group consists of over 370 savings banks and more than 500 affiliated institutions managing €2.5 trillion ($2.9 trillion) in assets.
The group’s decision to adopt crypto indicates a dramatic policy reversal, especially when they had previously rejected any involvement in crypto.
The Sparkassen bank even reportedly went as far as blocking crypto purchases for customers back in 2015 citing volatility and investor risk.
While the group is now moving ahead with crypto services, the German Savings Banks Association maintains a cautious tone.
“The Savings Banks Finance Group will provide reliable access to a regulated crypto offering,” the association said.
The banking sector across Germany has been gradually embracing digital assets. DZ Bank, the country’s second largest financial institution, launched a crypto pilot project with Boerse Stuttgart Digital in September 2024. The project is expected to extend trading and custody services across its 700 cooperative banks.
Meanwhile, Landesbank Baden-Württemberg, Germany’s largest federal bank began offering crypto custody solutions to institutional clients in 2023.
Furthermore, industry leaders believe traditional financial institutions can no longer ignore crypto’s growing relevance.
Filipp Bolotov, founder and CEO of artificial intelligence and blockchain firm ERA Labs, said that Sparkassen’s shift into crypto was a ”big move for mainstream adoption.”