German Savings Bank To Offer Bitcoin Trading
Industry News
According to a report by Finance Forward, Sparkasse, a German savings bank, is developing a bitcoin trading platform for its 50 million clients. The municipal institution is working on a service that would allow customers to purchase and sell BTC next year.
The Sparkassen are centuries-old regional institutions governed by city council members on local supervisory boards and banking experts on management boards. Savings banks specialize in lending activities and regional growth, and they solely serve their region.
People expect the Sparkasse committee to decide on the proposal in early 2022. The initial iteration of the bitcoin trading offering might be introduced later that year if it is permitted. However, due to the savings bank’s regional philosophy, each of the 370 branches will determine whether or not to implement the new function on its own.
According to research by the local news site Stern, savings banks are the market leaders among German financial institutions. Because no other big banks have entered the young Bitcoin market, their entry would allow a more extensive target demographic to trade BTC.
The offering would eliminate the need for intermediaries such as bitcoin exchanges and would not necessitate any new verification procedures or transactions. Customers of Sparkasse would supposedly be able to trade bitcoins directly from their checking accounts.
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