Following Sparkasse (German Savings Banks Association)’s crypto wallet announcement, Commerzbank & Volks Bank are planning similar services.
Commerzbank and Volks- und Raiffeisenbank – a German universal bank and brand of cooperative banks respectively – have started developing concepts to enable customers to buy and sell cryptocurrencies.
Frankfurter Allgemeine Zeitung – a German liberal-conservative newspaper – revealed the news on Monday.
A spokesperson for Volks- und Raiffeisenbanken said the group is “pushing ahead” on deciding whether the bank should offer crypto services, and in what form customers should be able to trade them directly.
Meanwhile, Commerzbank said that they are working “intensively” on the subject of crypto, regarding the trading and safekeeping of digital assets.
The bank entered a partnership with Deutsche Borse and Fintech 360x this spring, to create NFTs for existing real-life assets, like art and real estate.
News of each bank’s crypto services follows an announcement from Sparkasse yesterday that it might launch a crypto wallet for its clients in 2022. Sparkasse is the market leader among Germany’s financial institutions, comprising a network of over 400 savings banks.
Sparkasse, Commerzbank, and Volks- und Raiffeisenbanken together could bring easy crypto access to the vast majority of Germany’s banking market.
Andrew is content writer with a passion for Bitcoin. He became familiar with Bitcoin back in 2013, but began diligently studying the blockchain technology and its economic implications in 2017. Ever since, he’s believed in the network’s power to replace the current global monetary system, and provide financial freedom to billions worldwide.
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