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Germany’s Major Federal Bank Embraces Crypto for Institutional Players
The move comes as other major financial institutions expand into cryptocurrency and the many market structures that have emerged around it. BlackRock, the world’s largest asset management firm, has amassed $51 billion in assets in the spot Bitcoin ETF it established a year ago and is pushing for its money-market digital coin to be used as collateral for crypto derivatives trading.
Deutsche Bank, one of Germany’s major federal banks, has announced that it will offer cryptocurrency services specifically designed for institutional players. This move comes amid an increasing trend among major financial institutions to expand their offerings into the world of cryptocurrency and other digital assets.
As reported by U.Today, other major financial institutions have already begun expanding their operations into this space. BlackRock, the world’s largest asset management firm, has amassed $51 billion in assets in the spot Bitcoin ETF it established a year ago and is pushing for its money-market digital coin to be used as collateral for crypto derivatives trading.
The institution has been actively engaged with the cryptocurrency market, having acquired ETS Fund Solutions earlier this year. The acquisition was seen as a strategic move by BlackRock to expand its reach into the cryptocurrency space.
Similarly, investment giant Vanguard recently announced that it will offer cryptocurrency ETFs in the United States and Europe.
This latest development by Deutsche Bank underscores the growing recognition of the potential of cryptocurrencies and blockchain technology among financial institutions.
Source: u.today
