German Savings Banks Considers Launching Crypto Services Next Year

The German savings bank committee dubbed “Sparkassen” is looking at the possibility of launching crypto wallets by next year, according to a report by a local media outlet.

This new initiative will see all Sparkasse customers being able to buy and sell cryptocurrencies, including Bitcoin, Ethereum, and more, directly via their checking accounts without having to complete several additional verification protocols.

Offering these crypto services will largely depend on the majority votes carried out by the banking committee, per the report.

Furthermore, Sparkassen payment competence center S-Payment will be conducting voting procedures.

The initiative is an effort by Sparkassen to tap into emerging technology as well as satisfying the surge in digital asset services by customers.

“The interest in crypto assets is huge,” a representative for Sparkassen said.

Notably, the German savings bank is the country’s largest financial group, which gathers savings of over 50 million people.

A Win-Win Situation

The move by Sparkassen will serve as a watershed moment for the crypto industry, with the group having over 50 million active customers already and managing over $1 trillion assets.

Even the smallest amount of crypto adoption by the association will increase the number of individuals that will now hold cryptocurrencies, thereby driving crypto adoption in the country.

The move is also beneficial for Sparkassen as it allowed the banking committee exposure to the crypto space, tapping into the trillion-dollar as well as increasing its user base.

Banks Embracing Crypto

After years of skepticism, banks are now diving into the crypto space. Banks have now seen that not offering these crypto services might lead to them losing their customers to the ones that do.

In a recent development, Coinfomania reported earlier today that the Swiss arm of  Banco Bilbao Vizcaya Argentaria (BBVA), which started offering Bitcoin trading services in June, has now added Ethereum.

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