Savings bank

German savings bank to offer bitcoin trading: report

The Sparkassen are century-old regional institutions with around 370 branches and 50 million customers.

  • Market leaders among German financial institutions are reportedly working on a bitcoin trading feature, which could launch in 2022.
  • The Sparkassen are century-old regional institutions with around 370 branches and 50 million customers.
  • The offer would cut down on middlemen and allow Sparkasse customers to trade BTC from their checking accounts.

Sparkasse, a German savings bank, is working on implementing a bitcoin trading offering for its 50 million customers, according to a report by Upcoming Finances. The former municipal institution is said to be preparing a service with which customers could start buying and selling BTC as early as next year.

The report states that the previously secretive project is located at the center of the DSV group, the Deutsche Sparkassenverlag, whose subsidiaries and associated companies are closely associated with the Sparkasse savings bank organization. A team dedicated to the S-Payment division, where payment solutions are developed and marketed for individual and business customers of savings banks, is working on the project.

The Sparkassen are century-old regional institutions run by local supervisory boards made up of representatives of the city council and boards of directors made up of banking professionals. Savings banks provide services only to their region and focus on credit activities and regional development.

According to local media Back report, savings banks are the market leaders among German financial institutions. Their entry into the Bitcoin market would allow a larger target group to trade BTC, as other major banks have not ventured into the nascent industry.

Sparkasse committees would vote on the project in early 2022. If approved, the first version of the Bitcoin trading offering could be launched later in the year. However, taking into account the regional principle of the savings bank, each of the 370 branches will decide independently whether or not to introduce the novelty.

The offer would cut down on middlemen such as bitcoin exchanges and not require additional verification procedures or middleman transactions. Sparkasse clients would be able to access bitcoin trading directly from their checking accounts.

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