DZ Bank Which is the Second Largest Bank by asset in Germany has stated its plan to launch a Crypto Trading Pilot Program later this year.
This information was revealed by Souad Benkradda who is a board member of the Bank in an interview earlier today with Bloomberg.
According to Benkradda:
“In the course of the year, we will go into the pilot phase for the retail trade of cryptocurrencies with the first cooperative bank”
The Demand For Crypto Services Among Germans
Since last year, German-based financial Institutions like Deutsche Bank have been sending off crypto-related services.
Referring to information from Genoverband, a German-based cooperative educational institution, Benkredda expressed that one out of two banks in Germany has been wanting to offer crypto trading services to their clients. According to her, eventually, each financial institution’s primary aim is to carry out what its thought process suggests will be best for its clients.
Recall that DZ Bank at first intended to cooperate with DWP Bank to execute the crypto retail trading initiative. Notwithstanding, the arrangement has changed, as DZ Bank will team up with another partner. At the hour of composing, Benkredda presently can’t seem to make known the name of DZ Bank’s new accomplice.
Imminent Trading Pilot
During the experimental phase program, the bank’s Private clients will be given access to different digital currencies given their choices. The pilot will zero in just on customers who can put resources into crypto assets without the bank’s recommendation.
After the pilot stage, DZ Bank will assess clients’ criticism to distinguish the likely dangers and opportunities before the final launch of the service.
With an effective pilot, the group behind a task can deliver a more hearty crypto trading stage for its customers. Meanwhile, Benkredda didn’t explicitly mention when the pilot program will start.
DZ BAnk’s Interest In The Crypto World
In the meantime, DZ Bank has shown a huge interest in digital currencies lately. In November, the bank launched a blockchain-based digital asset custody stage for institutional investors.
DZ has proactively gained huge headway towards offering crypto-related services. Last year, it applied for a crypto custody permit from the German Government FedeAdral Financial Supervisory Authority (BaFin).
As per information from Statista, DZ Bank is the second-biggest bank in Germany, bragging a huge €627 billion ($678 billion) in assets under management (AUM).