On Thursday, DZ Bank, the second-largest bank in Germany, announced its intention to initiate a pilot program for retail crypto trading later this year. Following the launch of its crypto custody platform in November last year, the bank, known for its crypto-friendly stance, aims to conduct trials involving Bitcoin transactions with its customers.
As of Feb 1, as reported by Bloomberg, DZ Bank is gearing up to initiate a pilot program for cryptocurrency trading later this year. The bank plans to commence a trial phase involving retail transactions of cryptocurrencies in collaboration with its initial group of partner banks.
Big banks look to consumer deals to understand Bitcoin better. They’ve scrapped the idea of working with DWP Bank on this. The name of the new partner in the Bitcoin experiment remains a secret.
Souad Benkredda, a board member of DZ Bank, announced that in the coming year, they plan to initiate the pilot phase for retail trading of cryptocurrencies with the initial participation of cooperative banks. This signifies that major banks will experiment with trading Bitcoin alongside their customers.
Germany’s DZ Bank Amplifies Crypto Offerings
DZ Bank’s joined the cryptocurrency market because institutional investors wanted it to. DZ Bank has started offering cryptocurrency trading services, including Bitcoin. Its goal is to strengthen its position in the market.
DZ Bank declared in November of last year that it would be launching a platform for digital asset custody, which would handle and secure digital currency on the blockchain. The bank uses the digital asset custody and orchestration platform Harmonise in partnership with Metaco to manage its crypto services.
Metaco, recently acquired by Ripple Labs, observed that DZ Bank is employing Harmonize in a comprehensive Proof-of-Concept and diligence initiative.
Germany has witnessed a significant increase in inflows to digital asset funds since the previous year, underscoring a substantial demand for cryptocurrencies and Bitcoin among institutional investors in the country.
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