DZ Bank, Germany’s second-largest bank by asset size, has announced plans to launch a crypto retail trading pilot program later this year.
This was disclosed by a board member of the bank, Souad Benkredda, during an interview today with Bloomberg.
“[…] In the course of the year, we will go into the pilot phase for the retail trade of cryptocurrencies with the first cooperative banks,” Benkredda was quoted as saying.
Growing Demand for Crypto-Related Services Among German Banks
Since last year, German-based financial institutions like Deutsche Bank have been launching crypto-related services.
Citing data from Genoverband, a German-based cooperative educational institution, Benkredda said one out of two banks in Germany has been planning to offer crypto trading services to their customers. She added that, in the end, each financial institution does what it thinks is best for its customers.
It can be recalled that DZ Bank initially planned to partner with DWP Bank to implement the crypto retail trading initiative. However, the plan has changed, as DZ Bank will collaborate with a new partner. At the time of writing, Benkredda has yet to reveal the name of DZ Bank’s new partner.
Upcoming Crypto Trading Pilot
During the pilot program, the bank’s private customers will be given access to a variety of cryptocurrencies based on their decisions. The pilot will focus only on customers who can invest in crypto assets without the bank’s advice.
After the pilot phase, DZ Bank will evaluate customers’ feedback to identify the potential threats and opportunities before the official launch of the service.
With a successful pilot, the team behind a project can release a more robust crypto trading platform for its customers. In the meantime, Benkredda did not specifically state when the pilot program will commence.
DZ Bank’s Foray into Crypto
Meanwhile, DZ Bank has shown significant interest in cryptocurrencies in recent times. In November, the bank launched a blockchain-based digital asset custody platform for institutional investors.
DZ has already made significant progress towards offering crypto-related services. Last year, it applied for a crypto custody license from the German Federal Financial Supervisory Authority (BaFin).
According to data from Statista, DZ Bank is the second-largest bank in Germany, boasting a massive €627 billion ($678 billion) in assets under management (AUM).
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
