400 Savings Banks in Germany Can Start Crypto Trading Next Year

The cryptocurrency market is going mainstream, and more traditional financial institutions are starting to provide crypto-related services to their clients. More than 50 million Germans will have the chance to trade cryptocurrencies with ease starting next year.

Crypto Trading Could be Available to Millions of Germans Soon

Germany’s savings banks, a conservative bastion with over a trillion dollars for Germans, is looking to launch cryptocurrency trading services by next year. The services would be available to over 50 million Germans starting next year once the plan is voted into action.

According to local business magazine Capital, the savings banks known as Sparkassen are working on a pilot to launch an in-house cryptocurrency wallet and exchange by 2022. This would allow millions of Germans to trade cryptocurrencies such as Bitcoin and Ether using their bank accounts.

A spokesperson for the association said, “More and more consumers are interested in crypto-assets. One in ten customers of the German Savings Banks states he/she owns or has owned crypto-assets. Considering their expectations, the Savings Banks Finance Group has to look into crypto-assets, too.”

For the services to be implemented, the network of roughly 400 savings banks across Germany will vote to either proceed or abandon the project. The vote is expected to take place early next year.

Most of the Banks are Interested in the Plan to Launch the Services

According to the spokesperson, an expert group from the German IT service provider S-Payment is currently looking for ways to provide an option to safely store crypto-assets in a wallet for selected customers. Sources have told Capital that most of the banks have declared interest in the crypto trading platform

Germany has become one of the leading cryptocurrency countries in the world. Germans have increased their investments in the cryptocurrency space thanks to the rising inflation levels and negative interest rates across the country and the continent at large.

The interest rate in cryptocurrencies in Germany is huge, similar to other parts of the world. As the crypto space continues to gain adoption, more traditional banks will start to provide crypto-related services to their clients.