Savings bank

Group of German savings banks to activate crypto trading

German banking group Sparkassen – with more than 370 branches and $ 1 billion in assets – is reportedly gearing up to jump into crypto trading.

According to the German magazine ‘Capital’, the project is located at the center of the DSV group – the Deutsche Sparkassenverlag – whose subsidiaries and associated companies are closely associated with Sparkassen.

The report says that a team from German IT service provider S-Payment, where payment solutions for private customers and savings bank businesses are developed and marketed, has already prepared the concept, but added that the Sparkassen committee has not yet voted on the project.

If he gets the green light, the first version of his wallet could be launched before the end of next year.

This project would set a precedent for the European banking landscape, according to the report.

With around 50 million customers, the savings bank is known as the market leader among German financial institutions and its entry into the crypto market would allow a wider target group to trade digital assets as others big banks have not dared to tackle this problem.

According to the plans, this offering would cut down on middlemen like Bitcoin exchanges and not require additional verification procedures or middleman transactions.

Sparkassen customers will be able to buy cryptocurrency directly through their checking accounts, which is an advantage over top dogs like Coinbase, where new customers must first identify themselves.

A corresponding pilot project would have to start first with individual savings banks and, at the end of the day, each of the 370 institutes would independently decide whether or not to introduce crypto trading.

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