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Crypto Fever Reaches German Banking Giants—Retail Trading Coming by 2026
German banking giants are embracing the crypto craze, and it’s a huge deal. Sparkassen-Finanzgruppe, Germany’s largest savings bank network, has announced plans to allow over 50 million customers to trade cryptocurrencies, like Bitcoin and Ether, via their popular app.
The bold move marks a significant shift in Germany’s financial landscape and comes after the group’s previous stance of blocking crypto purchases in 2015. Back then, they deemed them too risky and volatile for their clients. Fast forward to now, and Sparkassen-Finanzgruppe has had a change of heart. It seems that mainstream adoption is finally on their radar.
This new development will provide “reliable access to a regulated crypto offering,” according to the German Savings Banks Association (DSGV). The service will be managed by DekaBank, another subsidiary of Sparkassen-Finanzgruppe, which will take care of trade execution and custody. To ensure transparency and security, users will receive clear warnings about the potential risks involved with trading cryptocurrencies.
It’s not just Sparkassen-Finanzgruppe that is embracing crypto services; other German banks are following suit. In September 2024, DZ Bank began piloting a cryptocurrency service with Boerse Stuttgart Digital, aiming to expand it to around 700 cooperative banks. Landesbank Baden-Württemberg also took the leap and launched cryptocurrency custody for institutions in collaboration with Austrian exchange Bitpanda.
The move signifies more than just a test; rather, it’s a sign of German banks finally catching up with what their retail clients want. This new development is expected to create a ripple effect throughout Europe and potentially change the crypto landscape.
As previously mentioned, DekaBank will handle the trade execution and custody services for Sparkassen-Finanzgruppe’s clients.
Source: bitcoinist.com
