DZ Bank to test cryptocurrency trading this year

Germany's second-largest bank, DZ Bank, announced that it will pilot cryptocurrency trading for corporate banks this year

In a sign of openness to digital currencies, DZ Bank, Germany’s second-largest bank, announced that it will test cryptocurrency trading for corporate banks this year.

DZ Bank has a portfolio of 700 corporate lenders. It recently announced its late-2024 cryptocurrency pilot plan, which aims to “give customers direct access to a variety of cryptocurrencies, including Bitcoin, without the need for financial advice.”

The trend of increasing adoption of digital currencies in the global market, in addition to the demand for new investment mechanisms by clients, has accelerated DZ Bank’s decision to launch its pilot plan.

The second-largest German bank plans to allow the 700 member cooperative banks autonomy to decide whether to offer cryptocurrency trading to their clients. Initially, a partnership with DWP Bank was planned for the trading pilot. Currently, there is speculation that new partners could join the initiative.

It is important to highlight that the joining of DZ Bank in cryptocurrency trading occurs after the launch of a crypto custody platform in November 2023 “that takes advantage of Ripple’s technological solution to offer secure storage and processing of digital assets.”

At the moment, DZ Bank is awaiting the cryptocurrency custody license from the Federal Financial Supervisory Authority (BaFin).



(Reference image source: Kanchanara at Unsplash)

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