Blog Page


German Savings Banks Consider Offering Crypto Services to Customers – Bitcoin News – Bitcoin News

by Sergio Goschenko
An association of savings banks in Germany is looking to offer crypto services to customers in a pilot test that would include the development of a crypto wallet. The association, which has more than 50 million customers, would be acting amidst a wave of cryptocurrency interest ostensibly sparked by inflation concerns and negative interest rates. However, the plan is still being studied and no official decision has been reached.
The largest association of banks in Germany is considering offering cryptocurrency-related services for their more than 50 million customers, according to a report from the German magazine Capital. This could be a way for banks to capitalize on current amplified interest in crypto in Germany, where negative interest rates and inflation fears have made citizens look for alternative investment avenues.
This group of banks is known to be among the most conservative in the country, with their customers still holding cash and not risking their capital on other investments.
A representative for the German Savings Banks Association stated:
The interest in crypto assets is huge.
The proposed pilot is still being considered, and the committee must vote on its approval. If approved, there may be a working cryptocurrency wallet offered next year.
Banks can present certain advantages over formal exchanges because they typically already fulfill due diligence requirements, having a structure designed around such compliance. This could ease the trading experience for users, who would be able to purchase cryptocurrencies directly with their checking accounts, and without going through KYC (Know Your Customer) procedures, given that the banks already have this information.
Given the structure of the Germany Savings Banks Association, the choice of offering these crypto services is individual for each bank, meaning each of the 370 banks will decide on this matter on their own. But Stern.de states that many banks have already expressed interest in this program.
If approved, the program could change the way senior investors see cryptocurrencies such as bitcoin and ethereum, which are yet considered new and risky assets by much of mainstream and legacy finance. Spanish banks have also expressed interest in offering cryptocurrencies to their customers in recent times.
What do you think about the crypto pilot program that the Germany Savings Banks are considering executing? Tell us in the comments section below.
Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Bitcoin.com Wallet Adds Support For Multisig (Shared) Wallets
The Bitcoin.com Team is excited to announce support for shared (multisig) wallets for Bitcoin and Bitcoin Cash in the Bitcoin.com Wallet. That means you can protect your most valuable wallets with a unique form of two-factor authentication, set up a … read more.
Novi Launches Whatsapp Integration Pilot Program for Selected Users in the U.S.
Novi, the remittance and payments initiative of Meta (formerly Facebook), has launched a Whatsapp pilot test for customers in the U.S. This means that a small number of Whatsapp users will be able to send and receive payments, as well … read more.

Check all the news here


× How can I help you?