Germany's Largest Bank Plans To Offer Crypto To Its Customers

JAKARTA – One of the largest banks in Germany, the German Savings Banks Association is reportedly considering offering cryptocurrency to its consumers. Currently, the German Savings Banks Association is reported to have more than 50 million customers.

The increased interest in cryptocurrencies of late seems to be being used by the bank to offer cryptocurrency in Germany. In addition, public concerns about inflation have also prompted people to seek alternative forms of investment.

Bitcoin.com News reports that this bank group is known to be one of the most conservative in Germany, with their customers still holding cash and not risking their capital for other investments.

“The interest in crypto assets is huge,” said a representative from the German Savings Banks Association.

The proposed pilot is still being considered, and the committee must vote for its approval. If approved, there will likely be a crypto wallet on offer next year.

Banks can provide certain advantages over formal exchanges because they usually have met due diligence requirements, have a structure designed around that compliance. This can facilitate the trading experience for users, who can buy cryptocurrencies directly with their checking account, and without going through the KYC (Know Your Customer) procedure, this is because the bank already has the customer data.

Given the structure of the German Savings Banks Association, the choice of offering these crypto services is individual for each bank, meaning each of the 370 banks will decide this matter on their own. However Stern.de states that many banks have expressed interest in the program.

If approved, the program could change the way senior investors view cryptocurrencies such as bitcoin and ethereum, which are still considered new and risky assets by most mainstream finance. Spanish banks have also expressed interest in offering cryptocurrencies to their customers in recent times.