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German savings bank clients could trade in Bitcoin, Ether, other cryptos starting next year

The entry of saving banks could once again broaden the reach of crypto and spur further adoption.

Berlin, Germany / Image by: Wikimedia Commons

Wed, 15 Dec 2021, 03:48 am UTC

As the popularity of Bitcoin (BTC), Ether (ETH) and other cryptocurrencies continue to rise, several banks are showing interest in the growing demand for crypto-related services. For instance, German savings banks are working on a project that could enable them to start offering crypto trading services by 2022

German savings banks are currently working on a crypto project that will allow them to offer crypto trading services to their clients, according to the German business publication Capital. The Sparkasse committee has tapped the IT service provider S-Payment, which has already assembled a team to prepare a concept of the project.

Around 370 member institutions of the German Savings Banks and Giro Association will vote to decide on whether to go ahead with the project in early 2022. Once approved, the banks would be able to offer trading of digital currencies such as Bitcoin (BTC) and Ether (ETH) to their clientele.

The project will allow savings bank customers to trade in crypto directly from their checking accounts. Obviously, this set-up is very advantageous to clients as they won’t need to open a crypto trading account at a trading platform such as Coinbase and undergo another round of documentary and KYC requirements.

The availability of crypto trading services from savings banks could be a big boost to crypto adoption in the European market. Savings banks service around 50 million customers and manage $1 trillion in assets, according to Coindesk.

In the past, crypto trading services are mainly being offered by crypto trading platforms. However, payment service providers such as PayPal and Cash App have already entered the scene bringing access to digital currencies to a wider range of the population. The entry of saving banks could once again broaden the reach of crypto and spur further adoption.

Crypto prices have significantly risen this year, which increased their popularity among investors who want to get the best returns from their portfolios. For instance, Bitcoin is up 65.55 percent since the year started while Ether, the native crypto of the Ethereum blockchain, posted YTD returns of 418.50 percent based on Coindesk data.

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