- DZ Bank is starting a pilot phase for Bitcoin trading, targeting retail customers.
- The initiative aims to provide access to a broad range of cryptocurrencies, not just Bitcoin.
The German cooperative financial group, led by DZ Bank, is moving closer to its goal of offering direct cryptocurrency trading to retail customers. Souad Benkredda, responsible for capital market operations at DZ Bank, announced plans to enter a pilot phase with cooperative banks for retail cryptocurrency trading later this year.
Expanding Crypto Access to Retail Customers
DZ Bank’s initiative is significant in bringing cryptocurrencies closer to the general public. Unlike the initial plan, DZ Bank will not collaborate with DWP Bank, a securities service provider partially owned by DZ Bank, for this project. The new partnership details remain undisclosed, as per Benkredda’s statement.
The focus of this trading facility is on self-directed investors – customers who prefer to trade without advisory services. Benkredda emphasized the broad scope of the offering, stating that the bank intends to provide access to multiple cryptocurrencies, not just Bitcoin.
Growing Demand Among Cooperative Banks
According to Benkredda, there is substantial demand among cooperative banks for this solution. A study by the Genoverband (Cooperative Association) suggests that half of these banks intend to unlock this service for their customers. However, the final decision to offer these services lies with each individual bank.
This move by DZ Bank and the cooperative financial group signifies a progressive shift in the German banking sector towards embracing cryptocurrencies. The pilot phase for Bitcoin and other digital currencies trading marks a pivotal moment in expanding cryptocurrency access to a broader customer base in Germany.