The Second Largest Bank in Germany to Launch Crypto Trading Services

Source: Photo by Etienne Martin on Unsplash

DZ Bank, the second-largest bank in Germany, is planning to initiate cryptocurrency trading by the end of 2024. This plan was reported by the bank's board member, Souad Benkredda.
"Throughout this year, we will enter the pilot phase for retail trading of crypto assets with the first cooperative bank," said Benkredda.

While detailed specifics are still limited, this move indicates that the bank is actively seeking ways to meet the growing interest of its customers in digital assets.

This has the potential to open the door for millions of Germans to access crypto currencies through a trustworthy and established financial institution.

According to data from Statista, DZ Bank is the second-largest bank in Germany, with assets under management (AUM) totaling €627 billion ($678 billion).

DZ Bank to Start Trial

According to The Crypto Basic, DZ Bank initially planned to partner with DWP Bank to implement the crypto retail trading initiative. However, this plan changed as DZ Bank will now collaborate with a new partner. As of the writing of this news, Benkredda has not disclosed the name of DZ Bank's new partner.

During the trial program, the bank's private customers will be given access to various cryptocurrencies based on their decisions. This trial will only focus on customers who can invest in crypto assets without the bank's advice.

After the pilot phase, DZ Bank will evaluate customer feedback to identify potential threats and opportunities before officially launching the service.

With a successful trial, the project team can release a more robust crypto trading platform for its customers. Meanwhile, Benkredda has not specified exactly when the trial program will commence.

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