DZ Bank is venturing into new waters and announcing the start of its pilot project in crypto trading. This could also have an impact on the Sparkasse Group.
• Pilot phase for crypto trading starts
• Cooperative banks should be involved
• DZ Bank may be setting new standards
DZ Bank is taking the step towards broader use of cryptocurrencies and recently announced the start of its crypto pilot phase via LinkedIn. With the pilot phase for trading Bitcoin and other digital assets, the company could lay the foundation for a comprehensive offering in this growing market.
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From the pilot phase to widespread introduction
In collaboration with Börse Stuttgart Digital and the IT service provider Atruvia, DZ Bank has already taken the first steps to integrate cryptocurrencies into the VR banks’ offerings. According to the LinkedIn article, the Westerwald Bank was the first to be included in the pilot project. The plan envisages that crypto trading will be fully rolled out from 2025, so that around 700 cooperative banks can offer Bitcoin and other cryptocurrencies.
DZ Bank would see significant growth potential in this new market segment, as it explains via LinkedIn. According to the bank’s own forecasts, a quarter of the European population could be invested in digital currencies such as Bitcoin and Co. by 2028.
Competitive pressure for the Sparkasse Group
DZ Bank’s crypto foray is also likely to put pressure on competitors, especially the Sparkasse Group. According to media reports, the German Savings Banks and Giro Association is also examining the introduction of a crypto trading offer.
With its move to start the pilot project, DZ Bank could position itself as a pioneer in the traditional banking sector that is actively exploiting the possibilities of digital currencies. There is certainly a chance that DZ Bank will now set a new standard and make access to cryptocurrencies easier for a broad range of customers in the future. Whether and to what extent these developments will actually occur remains to be seen.
Editorial team finanzen.net