German savings bank will offer Bitcoin trading
- Market leaders among German financial institutions are reportedly working on a bitcoin trading feature, which could launch in 2022.
- The Sparkassen are centuries-old regional institutions with around 370 branches and 50 million customers.
- The offer would reduce intermediaries and allow Sparkasse customers to trade BTC from their checking accounts.
Sparkasse, a German savings bank, is working on setting up a bitcoin trading offer for its 50 million customers, according to a report finance ahead. The former municipal institution is reportedly preparing a service with which customers can start buying and selling BTC as early as next year.
The report says the previously secret project is located at the center of the DSV group, the Deutsche Sparkassenverlag, whose subsidiaries and associated companies are closely involved in the savings bank organization Sparkasse. A dedicated team from the S-Payment division, where payment solutions are developed and marketed for retail and business customers of savings banks, is working on the project.
The Sparkassen are age-old regional institutions run by local supervisory boards made up of representatives of the city council and management boards made up of banking professionals. Savings banks only provide services to their region and focus on credit activities and regional development.
According to a local media Back report, the savings banks are the market leaders among German financial institutions. Their entry into the Bitcoin market would allow a wider target group to trade BTC, as other major banks have not ventured into the nascent sector.
Sparkasse committees would vote on the project in early 2022. If approved, the first version of the bitcoin trading offering could launch later in the year. However, taking into account the regional principle of the savings bank, each of the 370 branches will decide independently whether or not to introduce the novelty.
The offer would reduce intermediaries like bitcoin exchanges and would not require additional verification procedures or intermediary transactions. Sparkasse customers could access bitcoin trading directly from their checking accounts.