Home News German savings banks want to enable Bitcoin for 50M clients

German savings banks want to enable Bitcoin for 50M clients

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Customers will be able to invest in major digital currencies such as Bitcoin (BTC) and Ether (ETH) directly from their checking accounts, according to reports.

According to local business magazine Capital, German-speaking savings banks, often known as Sparkassen, are working on a pilot to introduce an in-house bitcoin wallet and exchange next year.

Additionally, Sparkasse committees must approve the trial project early next year. With the banking association aiming to establish associated services by the beginning of 2022. According to reports, the project’s concept is being developed by an expert group from German IT service company S-Payment.

A similar pilot initiative should begin with individual savings banks. With each of the 370 Sparkassen determining whether or not to launch crypto trading on their own. According to Capital’s sources, the crypto platform has already piqued the interest of a number of institutions.

Sparkassen are commercial banks that operate decentralised savings banks in German-speaking nations, with each bank operating autonomously. Savings banks, which have roughly 50 million users, said to have a total asset base of 1 trillion euros ($1.2 trillion).

The Federal Financial Supervisory Authority granted Coinbase’s Germany arm a crypto custody business licence earlier this year. Cementing Germany’s position as one of the world’s most crypto-friendly countries. On its digital platform, Xetra, German stock exchange operator Deutsche Boerse has added more than 20 crypto exchange-traded products.

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