German savings banks are reportedly planning to allow customers to invest in major digital currencies like Bitcoin and Ether directly from checking accounts.
Savings banks in German-speaking countries, also known as Sparkassen, are working on a pilot to launch an in-house cryptocurrency wallet and exchange next year, local business magazine Capital reported Dec. 13.
The pilot project is subject to approval by Sparkasse committees early next year, while the banking association aims to develop related services at the beginning of 2022. An expert group from German IT service provider S-Payment is reportedly designing the concept for the project.
A corresponding pilot project should start first with individual savings banks, with each of 370 Sparkassen independently deciding whether or not to introduce crypto trading. According to Capital’s sources, a number of the banks have already expressed significant interest in the crypto platform.