TLDR
- DZ BANK manages €350 billion in assets for 700 banks.
- First institutional XRP custody platform in European banking.
- Plans for crypto trading pilot set for February 2025.
Germany’s second-largest bank, DZ BANK, has officially gone live with Ripple’s XRP custody platform. This marks a significant step in the cryptocurrency and blockchain sector, as it is the first full-scale institutional implementation of such a platform within the European banking industry.
DZ BANK manages approximately €350 billion in assets and serves as a central institution for over 700 cooperative banks. This initiative represents a major progression into regulated digital finance in Europe.
Advancing Digital Finance with Regulated Custody
DZ BANK has prepared for this rollout by applying for a crypto custody license from BaFin, Germany’s financial regulatory authority, in June 2023. Prior to adopting Ripple’s platform, DZ BANK had introduced its own blockchain-powered digital asset custody solution.
In September 2024, DZ BANK announced plans to offer cryptocurrency trading to its cooperative banks through a partnership with Boerse Stuttgart Digital. The technical setup was underway, with intentions to connect banks by the end of 2024. Source here.
XRP’s Institutional Role in the Banking Sector
The primary cryptocurrency impacted by this development is XRP, as DZ BANK is specifically using Ripple’s XRP custody platform. This development is a significant adoption case for XRP within institutional settings.
Dr. Matthias Voelkel, CEO of Boerse Stuttgart Group, commented, “We offer Boerse Stuttgart Digital’s proven and fully regulated crypto trading and custody infrastructure to financial institutions across Europe.” This positions the bank at the forefront of blockchain integration in banking.
Growing Trend of Crypto Adoption in Germany
This initiative by DZ BANK follows a trend of increasing cryptocurrency adoption by traditional financial institutions in Germany. Rival lender Commerzbank has also announced plans to enable cryptocurrency trading for its corporate clients, signaling a shift in the financial landscape.
DZ BANK has been planning a cryptocurrency trading pilot since February 2025. These developments underline the growing acceptance of cryptocurrencies within the traditional financial sector.
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