**Update Sept. 20, 07:40 am UTC:** This article has been revised to include insights from the Boerse Stuttgart Group.
DZ Bank, Germany’s second-largest financial institution, has joined forces with Boerse Stuttgart Digital to offer cryptocurrency trading and custody services across its cooperative banking network. This collaboration will empower around 700 cooperative banks affiliated with DZ Bank to provide retail customers with access to digital assets such as Bitcoin (BTC) and Ether (ETH).
This initiative marks the beginning of a phased rollout, set to commence later this year, during which select retail clients will be able to test the new cryptocurrency trading services.
In a recent Q&A with Cointelegraph, a representative from Boerse Stuttgart Group disclosed plans to launch a regulated exchange, BX Digital, in Switzerland, aimed specifically at tokenized securities.
**Phased Rollout Overview**
The groundwork for the new services is already in progress, with plans to connect the first banks by the end of 2024. The initial phase will involve a limited number of retail clients participating in the crypto trading services, ensuring a smooth launch throughout the cooperative banking network. Following this testing phase, full-scale implementation of the new services is anticipated based on the insights gathered from the initial participants.
**Boerse Stuttgart’s Role**
Boerse Stuttgart is central to this announcement, providing the regulatory framework and technical support for DZ Bank’s cryptocurrency offerings. Specifically, Boerse Stuttgart Digital, the crypto arm of the Boerse Stuttgart Group, is responsible for facilitating the crypto trading and custody solutions for the cooperative banks.
Matthias Voelkel, CEO of Boerse Stuttgart Group, emphasized in a press release to Cointelegraph that the bank’s crypto division is focused on delivering “retail-customer-oriented” infrastructure solutions.
**Germany’s Banking Sector Embraces Crypto**
Earlier this year, Germany’s largest state bank, Landesbank Baden-Württemberg, announced on April 15 that it plans to introduce crypto custody solutions in the latter half of 2024. This move will initially cater to institutional clients through a partnership with Bitpanda, an Austrian cryptocurrency exchange. By collaborating with Bitpanda, the German federal bank will leverage the exchange’s platform, custody services, and necessary licenses to ensure compliance with regulatory standards.
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