Danske Bank to offer crypto ETP service…reverses stance after eight years

Denmark’s Danske Bank will offer its customers access to cryptocurrency exchange-traded products (ETPs).

Danske Bank said on the 11th (local time) that it will provide investment access to Bitcoin (BTC) and Ethereum (ETH) via ETPs. Specifically, the bank plans to offer crypto ETP services through its e-banking and mobile banking platforms.

Danske Bank had previously refused to provide crypto investment services in 2018. At the time, it stated in a report that it held an overall negative view of cryptocurrencies. The bank maintained its ban on cryptocurrency trading in 2021 as well.

Danske Bank’s shift in stance reflects customer demand. Kerstin Lysholm, Head of Investment Products and Offerings at Danske Bank, said, “As cryptocurrencies become a more mainstream asset class, customer inquiries about investing have been steadily increasing,” adding that “trust in cryptocurrencies has also risen overall, driven by regulations such as the European Union’s Markets in Crypto-Assets (MiCA) framework.”

However, Danske Bank will allow crypto ETP investing only if customers meet certain requirements. The bank said the requirements are “part of investor protection measures,” adding that customers must have sufficient experience and knowledge to understand the features and risks of such investments before investing in crypto ETPs.