Consider German savings banks to offer their customers crypto services-

A Sparkassenverband in Germany would like to offer its customers in a pilot test crypto services that would also include the development of a crypto wallet. The association with more than 50 million customers would act in the middle of a wave of cryptocurrency interest, which was allegedly triggered by inflation and negative interest rates. However, the plan is still being checked and no official decision has yet been made.

German savings banks could start in crypto

The largest banking association in Germany is in view Journal Capital offer your more than 50 million customers cryptocurrency -related services. This could be a way for banks to benefit from the currently increased interest in crypto in Germany, where negative interest rates and fear of inflation have caused citizens to look for alternative investment options.

This group of banks is considered one of the most conservative in the country because their customers still keep cash and do not risk their capital for other investments.

A representative of the German Sparkasse and Giro Association said:

The interest in crypto assets is huge.

The proposed pilot is still being checked and the committee must vote on its approval. If this is approved, a functioning cryptocurrency wallet may be offered next year.

Advantages over other platforms

Banks can offer certain advantages compared to the formal exchange, since they usually already meet DUE diligence requirements and have a structure based on this compliance. This could make trading experience easier for users who could buy cryptocurrencies directly with their checking accounts and without Kyc procedures (Know your Customer), since the banks already have this information.

Due to the structure of the German Sparkasse and Giro Association, the choice of offering these crypto services is individual for each bank. h. Each of the 370 banks decides on it themselves. But stern.de states that many banks have already been interested in this program.

If it is approved, the program could change the way high-ranking investors see cryptocurrencies such as Bitcoin and Ethereum, which are still viewed by the majority of mainstream and legacy finances as new and risky assets. Spanish banks also have Interest in offering their customers cryptocurrencies recently.

What do you think of the crypto pilot program that the German savings banks consider? Tell us in the comment area below.

sergio goschenko

sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game when he entered the cryptosphere in December 2017. He has a computer engineering background, lives in Venezuela and is affected by the cryptocurrency boom at the social level via crypto success and how it helps the non-banks and under-sector.

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