Germany’s Savings Banks Could Introduce Crypto Trading Next Year: Report

Germany’s savings banks are working together to potentially start offering crypto trading to customers directly from their accounts in 2022.

• The network of some 400 savings banks across Germany will vote on whether to proceed with the project early next year, German business publication Capital reported Monday.
• If approved, the banks would be able to offer trading of digital currencies such as bitcoin and ether to their customers direct from their checking accounts.
• A pilot for the project is being developed by payment IT services provider S-Payment, Capital said.
• The savings banks have about 50 million customers and manage about $1 trillion in assets. Even modest take-up could see sizable inflows of funds into the crypto market.
• The news represents the second potentially significant development to come from Germany this year following the approval of a law in July allowing “Spezialfonds” (special funds) to allocate up to 20% of their portfolios to crypto, which could equate $400 billion.

Read more: German Crypto Startups Welcome $415B ‘Spezialfonds’ Law, Even if the Impact Is Small So Far