German savings banks are developing a cryptocurrency project that will enable them to trade in digital currencies, according to a report by Finance FWD on Monday.
- At the start of 2022, the Sparkasse committees will have to vote for the project. After the approval, the first version of the so-called wallet could be launched later in 2022.
- The secret crypto project would be a boost for the European banking industry. With nearly 50 million customers, the savings banks are market leaders in Germany’s financial system.
- The entry into the German market would increase the number of people trading in cryptocurrencies. Other larger banks have avoided the issue.
- Sparkasse customers will be able to purchase cryptocurrencies directly through their checking accounts.
The move is an advantage over Coinbase from the USA, whereby customers have to identify themselves first. Savings banks will act as their trust as a brand. BTC USD down -5.81%