Yesterday, a game-changing announcement took the crypto world by storm. A sought-after Germany-based bank Donner & Reuschel, has officially announced to facilitate its customers with the ability to purchase digital assets and avail relevant custodian services. In a press release on March 8th, 2021, the spokesperson for the bank told the media about its willingness to enable the crypto trade facilities as soon as possible.
Marcus Vitt, the spokesperson for this Hamburg headquarters Private bank, further added that the bank management made the decision owing to the popularity of crypto trading among the bank’s existing account holders. According to careful estimates, this announcement has led to a rise in more customers lining up to sign up for a new account at Donners & Reuschel. The DLC Distributed Ledger Consulting GmBH has signed up with the bank as a consultant partner on this project.
More Banks and Financial Institutions to Follow the Crypto Suit
The confirmation of the German bank to offer digital assets service is not very surprising. In the past year, due to the sudden hike in Bitcoin price, Switzerland, Thailand, India, and China have been moving forward in the crypto trade arena. Most countries and central banks are still in the process of working on regulations for cryptocurrency protocols.
Due to most cryptocurrencies’ decentralized framework and the volatile evaluation of their value, many governments are still struggling with enforcing proper crypto trade laws under their jurisdiction. In such an environment, private banks and private investment institutions are making moves to fill the gap and facilitate their customers with crypto trading platforms.
According to the spokesperson at Donner & Reuschel, a team of experts and experienced financial analysts have been watching Bitcoin and Ethereum for a long time before deciding to offer crypto trading. Due to the economic crisis of 2020, the banking sector had undergone a significant shift in the last 12 months. After big players like China and India are getting ready to launch their crypto stallions soon in national and international markets, a bullish trend in the market is very much expected.
Donner & Reuschel is a major industry giant in Germany since 1798 and holds around $10 billion worth of assets portfolio at present. On the other hand, major corporations in the world like Tesla and Square have started to accept cryptocurrencies and digital assets as payment against their products and services. More financial institutions have started to treat cryptocurrencies as asset class commodities after the rise of crypto-asset regulations and ETPs (crypto-based exchange-traded products).