German Sparkasse Bank To Launch BTC, ETH Trading Services

The well-known German Sparkasse bank is working on a secret project that will enable them to trade BTC and ETH cryptocurrencies. Let’s find out more in our latest bitcoin news.

German Sparkasse bank is working on a project that will enable customers to trade cryptocurrencies like Bitcoin and Ethereum. A dedicated team of the IT service provider S-Payment is preparing the concept with the bank committee voting on the project at the start of the year. If the vote goes through, the German savings banks will be able to launch crypto trading services. There are about 370 saving banks in Germany that are falling under the umbrella term of the German Savings Banks Association and are working in a decentralized manner meaning that each Sparkasse is independent and managed locally, focusing on the customers of the region where it is situated.

With a combined customer base of 50 million and $1.58 trillion in assets under management, the saving banks are considered the leaders among German financial institutions. The initiative was put forward after the newly-formed government signed the coalition agreement which cites cryptocurrencies and blockchain technology are the main focus for the development of the country in the next four years. The plan implies that the customers of the bank will be able to buy and sell crypto via their banking accounts without having to go through additional verification procedures.

Due to the principle of regional management, each savings bank will decide on whether to implement this new feature. The banks already showed interest in the project and more German investors are looking for other investments as well. The move came amid the rising prices and the surging inflation in the Eurozone which last month reached 4.9% putting even more pressure on the European Central Bank to review the policy of the low-interest rates.
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Helmut Schleweis is the president of the German Savings Bank Association who called on the combination of low-interest rates and rising prices being a toxic mix and it will become harder to stop the erosion of wealth.

As reported recently, The German asset manager Union Invest is the investment arm of the DZ bank group which is taking another small step towards offering crypto investments to private investors. They will make BTC a smaller percentage of some of their funds. As reported recently, portfolio manager David Barthe said that teh company is considering adding BTC to their funds in smaller amounts, comprising 1-2% of their portfolios and this will be starting an unknown date in Q4.