Deutsche Boerse’s post-trade unit, Clearstream, will begin offering cryptocurrency settlement and custody services for institutional clients later this year, marking another step by a major European financial institution into the digital asset space.

According to a report from Bloomberg, the company plans to launch services for Bitcoin (BTC) and Ether (ETH) next month, providing access to its 2,500 institutional clients through its majority-owned subsidiary, Crypto Finance, which will act as a sub-custodian. 

Over time, Clearstream intends to expand its offerings to include additional cryptocurrencies, staking, lending, and brokerage services.

“With this offering, we are creating a one-stop shop around custody, brokerage, and settlement,” Jens Hachmeister, head of issuer services and new digital markets at Clearstream, told Bloomberg. He added that the move could position Clearstream to support other tokenized assets, including stablecoins and tokenized securities, in the future.

The expansion aligns with a broader trend among traditional financial firms, which have been increasing their exposure to digital assets amid clearer regulatory frameworks in regions like the European Union, Singapore, and the United Arab Emirates. 

Just this week, Spanish banking giant BBVA secured regulatory approval to launch crypto trading for retail clients following the implementation of the EU’s Markets in Cryptoassets (MiCA) rulebook late last year.

As one of Europe’s largest clearinghouses, Clearstream manages approximately €20 billion ($21.7 billion) in assets under custody as of January 2024. Clients using Clearstream’s central securities depository will be able to access the new crypto custody and settlement services through their existing accounts with Clearstream Banking SA.

The plan has been in the works for about a year, even as crypto demand remained subdued, Crypto Finance CEO Stijn Vander Straeten told Bloomberg. He believes the service will accelerate institutional crypto adoption, allowing banks and asset managers to leverage familiar compliance and technology frameworks.

“There has been very high demand for crypto support from international banking clients since MiCA came into force late last year,” Vander Straeten said. He noted that large institutions often spend around €5 million to establish and maintain in-house crypto teams, whereas Clearstream’s new service offers an alternative at no additional cost.