Hold on to your digital hats! Clearstream's taking a bold plunge into the crypto world, aiming to make crypto adoption a breeze for banks and big institutions. Yes, you heard it right—crypto is going mainstream, folks!
Clearstream, the post-trade powerhouse under Deutsche Boerse, is gearing up to offer crypto custody and settlement services to its institutional clients. And it’s happening this year! Their subsidiary, Crypto Finance, will be the magical elves behind the scenes, acting as the sub-custodian.
Starting next month, Clearstream will roll out the red carpet for Bitcoin (BTC) and Ethereum (ETH) custody services to its 2,500 clients. But that’s not all—they’re planning to expand their crypto family with more digital currencies and introduce staking, lending, and brokerage services. Talk about a crypto carnival!
Jens Hachmeister, the big cheese of issuer services and pioneering digital markets at Clearstream, is all about creating a “one-stop shop” for custody, brokerage, and settlement. And why stop there? The company’s got its eyes set on stablecoins and tokenized securities too. It’s like a crypto buffet for financial institutions!
Crypto Finance's CEO, Stijn Vander Straeten, spilled the beans that this plan's been cooking for about a year. Their goal? To help banks and big players embrace digital assets with ease by using familiar tech and compliance tools. It’s like giving them a comfy pair of digital slippers.
Clearstream is no small fry—they’re one of Europe’s largest clearing houses with a whopping $21.7 billion in assets under management as of January. And now, their clients at the central securities depository can dive into crypto waters using their existing Clearstream Banking SA accounts. How’s that for convenience?
Traditional financial institutions are jumping on the crypto bandwagon as regulations become clearer in the EU, Singapore, and the UAE. Vander Straeten mentioned that international banking clients are buzzing with excitement since the Markets in Crypto-Assets Regulation (MiCA) came into play. Some management firms are shelling out up to €5 million to build internal crypto teams, but now they can have it all with no extra cost. Cha-ching!
This move follows a groundbreaking moment in Germany, where Boerse Stuttgart Digital Custody snagged the first full MiCA authorization as a crypto asset service provider. They’re now the go-to regulated infrastructure for banks, brokers, and asset managers.
And that’s not all! Over in Spain, BBVA SA just got the green light to launch crypto trading services for retail clients. They’ll kick things off with BTC and ETH trading via their mobile banking app, starting with a lucky few before unleashing it nationwide.
The crypto craze is catching on, and Clearstream is right at the heart of it. Buckle up, because this digital ride is just getting started!
