Union Investment, a German asset management, is looking for BTC exposure for numerous funds.

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German funds and asset managers are broadening their crypto investing horizons now that the country has more favourable legislation governing Spezialfonds.

Union Investment, a $500 billion asset management, intends to include Bitcoin (BTC) in multiple investment funds as part of a focused trial programme for its institutional clients, providing solid proof that crypto is becoming more mainstream in Europe’s largest economy.

The Frankfurt-based institution told Bloomberg on Monday that it is considering adding BTC to a small number of investment funds that will only be available to private investors. For each fund, Bitcoin exposure will be limited to no more than 2% of total assets. Portfolio manager Daniel Bathe said the new investment strategy is likely to commence in the fourth quarter, though no fixed timetable was given.

Union Investment is the investment department of DZ Bank Group, a conglomerate of over 800 cooperative banks. Union Investment had $507 billion in assets under management as of June 30, making it one of Germany’s top asset managers.

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Germany is increasingly becoming a hub for cryptocurrency investments, particularly among institutional investors. On August 2, a new rule permitting institutional funds to own cryptocurrency went into force, paving the way for more use of digital assets, including among German pension funds. Meanwhile, S Broker, a German securities broker, has introduced a range of cryptocurrency-focused product offerings.

According to a recent survey conducted by financial comparison website Finder, Germans do not score as highly in terms of crypto acceptance at the retail level. According to the 42,000-person poll, only 11% of Germans had exposure to digital assets. Although this is higher than in the United States and the United Kingdom, it is far behind emerging markets and other European countries.

Bitcoin is making headlines once more, as the first cryptocurrency approaches $52,000. Its price has risen nearly 79 percent since its summer low. In the process, Bitcoin’s overall market capitalisation is approaching $1 trillion once more.

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