German banking giant Sparkassen-Finanzgruppe reportedly has plans to adopt crypto trading services, giving its more than 50 million customers access to crypto trading by the summer of 2026 in a major shift for the institution.
Dekabank, a bank already involved in crypto, has been tapped to manage the new crypto service through the Sparkasse app, Bloomberg reported on Monday.
Dekabank is owned by Sparkassen, also known as the Savings Banks Financial Group.The Savings Banks Finance Group will provide reliable access to a regulated crypto offering, the German Savings Banks Association (DSGV) said.Adding that, the crypto service is responding to a demand and is already covered under the European Unions regulatory framework for crypto, MiCA, which came into force in December.Source: CryptojackBank relents on crypto skepticismSparkassen executives previously ruled out any crypto-related services, citing volatility and risk concerns; the banking giant also blocked crypto purchases for all customers back in 2015.While there has been a shift in direction, the DSGV reportedly said its position remains clear, cryptocurrencies are highly speculative investments, adding that there will be no advertising for the new service, and customers will be informed about risks, including the potential for total loss.Sparkassen-Finanzgruppe comprises over 50 million customers and 500 companies, including more than 370 savings banks, and has total aggregated assets under management of over 2.5 trillion euros ($2.9 trillion).German banks making crypto inroadsFilipp Bolotov, founder and CEO of artificial intelligence and blockchain firm ERA Labs, said on Monday that Sparkassens shift into crypto was a big move for mainstream adoption.Source: Filipp BolotovAt the same time, crypto venture capitalist and Master Ventures founder Kyle Chasse said, banks are catching up.Other German banks have already started making crypto inroads.Germanys second-largest financial institution, DZ Bank, partnered with Boerse Stuttgart Digital for a crypto service pilot in September 2024, with plans to roll out trading and custody services to its 700-strong cooperative bank network after an initial test run.Related: Deutsche Bank builds L2 blockchain on Ethereum: BloombergGermanys largest federal bank, the Landesbank Baden-Wrttemberg, announced in April last year that it would begin offering crypto custody solutions to institutional clients in partnership with Bitpanda, an Austria-based crypto exchange.Crypto executives predict bank influxEric Trump, executive vice president of the Trump Organization, speculated during an interview on April 30 that if banks didnt embrace crypto, they would be extinct within 10 years, citing the financial systems issues around speed and cost.Meanwhile, during a Paris Blockchain Week on April 8, Messari CEO Eric Turner and Sygnum Banks Thomas Eichenberger predicted the banking sector would push deeper into crypto services in the second half of 2025 as regulators embrace crypto, including stablecoins and crypto services by banks.Magazine: Crypto wanted to overthrow banks, now its becoming them in stablecoin fight