ING Deutschland has opened its retail investment platform to cryptocurrency-linked exchange-traded notes (ETNs), giving customers regulated exposure to Bitcoin, Ethereum and Solana without directly holding digital assets.
The ETNs are physically backed and issued by established providers, including 21Shares, Bitwise and VanEck. They are traded on regulated exchanges and available through ING’s Direct Depot service, allowing crypto exposure to sit alongside traditional securities such as stocks and ETFs.
Bank-integrated ETNs aim to reduce friction for retail investors
ING said the new offering is designed to lower barriers to entry by using familiar banking infrastructure. Customers do not need to manage private keys, set up crypto wallets or open accounts with external platforms, as the ETNs are held directly within existing portfolios.
VanEck Europe CEO Martijn Rozemuller said many investors prefer crypto exposure that fits into established custody, reporting and tax frameworks, while still offering transparent pricing and regulated oversight.
The bank also noted that the ETNs fall under Germany’s crypto tax rules, which may exempt capital gains if holdings are held for more than one year, mirroring the treatment of direct cryptocurrency ownership.
However, ING cautioned that the products remain high-risk. Disclosures highlighted extreme price volatility, liquidity risks, potential losses in the event of issuer insolvency, market manipulation and regulatory uncertainty.
Crypto ETNs launch as ING explores Euro stablecoin under MiCA
The retail ETN rollout comes as ING continues to explore digital asset infrastructure across Europe. In September, the Dutch banking group joined a consortium of European banks working on a euro-denominated stablecoin.
The project remains at an early stage, with several banks awaiting board approvals and regulatory clearance to form a joint issuing entity. ING declined to comment on the initiative.
The effort aligns with the European Union’s Markets in Crypto-Assets Regulation (MiCA), which has introduced clearer licensing, reserve and oversight requirements for stablecoin issuers. Analysts say MiCA has accelerated interest in euro-backed digital currencies by creating a more predictable regulatory environment.
ING would not be the first bank to move into the space. Société Générale’s SG FORGE has already launched a euro-backed stablecoin, while MiCA has strengthened regulated offerings such as Circle’s EURC.
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