Nikolas Sargeant
ING Deutschland has launched retail access to cryptocurrency-linked exchange-traded notes, enabling customers to gain exposure to Bitcoin, Ethereum, and Solana through its securities platform without requiring direct token ownership or self-custody infrastructure.
The products are physically backed ETNs issued by established providers including 21Shares, Bitwise, and VanEck. The notes track individual cryptocurrency performance and trade on regulated exchanges via ING's Direct Depot service, integrating digital asset exposure into traditional brokerage infrastructure.
ING characterized the offering as designed to reduce friction for retail investors by leveraging familiar banking systems. Customers do not need to manage third-party wallets, private keys, or separate cryptocurrency accounts, as the ETNs are held alongside other securities in existing portfolios.
"This creates another particularly low-threshold access to crypto investments via exchange-traded products," stated Martijn Rozemuller, chief executive of VanEck Europe, in a translated statement. He added that many investors prefer cryptocurrency exposure that fits within existing custody and reporting structures while offering transparent costs.
The bank noted the ETNs fall under Germany's tax framework for cryptocurrency investments. Under current rules, capital gains may be exempt from taxation if positions are held for more than one year, aligning the products with treatment of direct cryptocurrency holdings. The tax advantage provides additional incentive for long-term investors seeking digital asset exposure.
ING emphasized the instruments carry substantial risks despite regulated structure. In disclosures accompanying the launch, the bank cited extreme price volatility, potential total loss in the event of issuer insolvency, liquidity constraints, market manipulation, and regulatory uncertainty as key risk factors investors must consider.
On an educational page, ING described cryptocurrencies as speculative assets whose prices are heavily influenced by market psychology rather than fundamental valuations. The characterization reflects ongoing debate within traditional finance about appropriate classification and risk assessment for digital assets.
The move marks another step in ING's gradual expansion into digital assets. The Dutch banking group, whose history dates back to the 18th century, has been exploring blockchain-based finance across European markets, positioning itself among traditional institutions embracing regulated digital asset products.
In September, ING joined a consortium of European banks developing a euro-denominated stablecoin, aiming to create a trusted payment standard for the region. The project remains in early stages, with participating institutions awaiting board approvals and regulatory clearance to establish a joint issuing entity.
The stablecoin initiative reflects how the European Union's Markets in Crypto-Assets Regulation (MiCA) is reshaping the region's digital currency landscape by establishing licensing requirements, reserve rules, and oversight standards. MiCA has increased interest in euro-backed digital currencies by providing clearer frameworks for banks to issue compliant products.
ING would not be the first European bank to launch euro-denominated stablecoins. Société Générale, via its SG FORGE unit, has already introduced a euro-backed stablecoin, while analysts note MiCA has strengthened regulated offerings such as Circle's EURC by providing legal certainty around issuance and redemption mechanisms.
By bringing crypto-linked ETNs to retail customers, ING joins a growing number of European banks offering regulated pathways into digital assets without requiring direct token ownership or technical expertise in cryptocurrency custody and security practices.
