Saving banks in Germany are reportedly working on a ‘secret’ project that will grant them the ability to trade cryptocurrencies like Bitcoin or Ethereum. This report comes from a local business publication named Capital.
According to the report, a dedicated team from S-Payment, an IT service provider is working on the concept, as the saving banks’ committees to vote on the project at some time at the beginning of next year.
If the vote manages to pass, German savings banks will be granted the ability to officially launch their crypto trading services.
At present, there are a total of approximately 370 savings banks in Germany under the umbrella of the German Savings Banks Association, all of which are working in a pretty decentralized manner. Each bank is managed locally and is independent in nature, with their priority being on their region’s customers.
Savings banks are considered the market leaders among German Financial institutions. This is because they hold a total customer base of about 50 million and about $1.58 trillion in USD’s worth of assets under management.
This initiative has come forward following the country’s newly formed government signed the coalition agreement, which seeks to bring cryptocurrencies and blockchain tech into the forefront for the next 4 years.
The report from Capital states that the plan for this initiative is that bank customers will now be able to trade in crypto directly via their checking accounts, removing the need to go through additional verification procedures in the process.
Although, due to the principle of regional management, it’s been left up to the individual bank to independently decide if they wish to implement this feature.
A ton of banks have already expressed their interest in this project, with a growing number of German investors on the prowl for alternative investments, per the Capital report.