On February 3rd, it was announced that Germany’s major retail bank ING Germany has officially opened channels for exchange-traded notes (ETNs) and related products linked to cryptocurrencies for individual clients, allowing retail investors to directly participate in the price performance of Bitcoin, Ethereum, and Solana through the banking system. This move is seen as an important signal that traditional European financial institutions are accelerating their embrace of digital assets.
According to official disclosures, these products are issued by providers such as 21Shares, Bitwise, and VanEck. They are all physically-backed instruments that track the prices of the respective cryptocurrencies and are traded on regulated markets via ING’s Direct Depot platform. Customers do not need to manage private keys or set up third-party wallets; they can complete configuration and trading within familiar securities accounts.
Martijn Rozemuller, CEO of VanEck Europe, stated that this initiative provides a new pathway for investors who want to enter the crypto market but prefer traditional custody structures. “Many users want to allocate digital assets within the existing securities system while enjoying transparent cost structures and compliance frameworks.”
ING also pointed out that in Germany, the tax treatment of these ETNs is similar to that of directly holding cryptocurrencies. If the position is held for more than one year, some cases may qualify for capital gains tax exemption, which is also an important factor attracting long-term investors.
However, the bank also highlighted several risks in the product descriptions, including high price volatility, the potential for total loss if the issuer goes bankrupt, insufficient liquidity, market manipulation, and regulatory policy changes. ING explicitly states on its investor education page that cryptocurrencies are inherently highly speculative assets, with prices largely dependent on market sentiment.
As a large Dutch financial group with a history dating back to the 18th century, ING has been continuously expanding its digital asset initiatives in recent years. In September last year, the bank also collaborated with several European banks to promote a euro stablecoin project, aiming to establish a new standard for cross-border payments. The introduction of Bitcoin, Ethereum, and Solana-linked products in the German retail sector demonstrates that traditional banks are accelerating their penetration into the crypto finance field.
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