Denmark’s largest bank, Danske Bank, now allows customers to invest in Bitcoin and Ethereum via exchange-traded products (ETPs) through its digital banking platforms. The move represents a significant reversal from the bank’s previous stance, having explicitly banned crypto services in 2018 and 2021. While the bank cites growing customer demand and a more mature, regulated market due to EU rules, it continues to refrain from recommending cryptocurrencies as an asset class, classifying them as high-risk, opportunistic investments.
Danske Bank is now offering users of its Danske eBanking and Danske Mobile Banking services the opportunity to invest in Bitcoin and Ethereum exchange-traded products. The bank stated this rollout targets customers using its trading platform without investment advice in response to growing demand.
Kerstin Lysholm, Head of Investment Products & Offering at Danske Bank, said, “As cryptocurrencies have become a more common asset class, we are receiving an increasing number of enquiries from customers wanting the option of investing in cryptocurrencies as part of their investment portfolio.” This marks a turnaround for the lender, which had flatly refused to support crypto trading in 2018 and renewed its internal ban in 2021.
Lysholm noted the cryptocurrency market has become “better regulated” in recent years, particularly due to the EU’s Markets in Crypto-Assets Regulation. She told Decrypt this framework “has created a more mature market with enhanced investor protection, transparency, and market integrity.”
Despite offering access, the bank does not endorse cryptocurrencies as an investment option. The bank’s press release states it does not offer advisory services for cryptocurrencies, which it regards as “opportunistic investments.” Lysholm emphasized that access to selected cryptocurrency ETPs “should not be seen as a recommendation of the asset class from Danske Bank.”
Products are only available to customers who pass an appropriateness test to ensure they understand the risks. Lysholm explained, “It is ultimately the customers’ own choice to invest, and we make it clear that these are opportunistic investments with high volatility.” Data collected by Triple-A indicated there were 70,605 cryptocurrency owners in Denmark as of 2024, about 1.2% of the population.
