The German Savings Bank plans to launch encrypted wallets in 2022! Buy and sell Bitcoin and Ethereum directly

Sparkassen-Finanzgruppe, the leader of German financial institutions, plans to launch cryptocurrency services in 2022. Once launched, it means that a total of 50 million users will benefit and enter the new investment market. The Sparkasse committee will also vote on the project in early 2022. If the project is successfully approved, the first version of the wallet will be launched later in 2022.

The German Savings Bank plans to launch encrypted wallets in 2022! Buy and sell Bitcoin and Ethereum directly

Sparkassen-Finanzgruppe, a German savings bank group composed of 520 companies, was founded in 1778 and has 370 savings banks under its umbrella. It is the market leader of German financial institutions and the largest financial service provider in Europe; the bank has approximately 50 million users , AUM is as high as 3.3 trillion US dollars.

According to German media "Capital", the German Savings Bank plans to launch cryptocurrency services in 2022, which means that a total of 50 million bank users can invest in new investment markets in the future and use Bitcoin, Ethereum or other digital currencies. To trade. Bitcoin Archive, a Twitter account with 720,000 followers that tracks the first-line news of the crypto industry, also pointed out that the bank expects to develop wallets to enable users to buy, sell and hold crypto assets. .

The Sparkasse committee will vote on the project in early 2022. If the project is successfully approved, the first version of the encrypted wallet will be launched during 2022. According to Sparkasse's plan, customers do not need to pass through an exchange such as Coinbase (KYC identity verification first), they can directly purchase cryptocurrency through a checking account.

The report also stated that the pilot project developed by the payment IT service provider S-Payment will first start with several savings banks; finally, about 370 institutions will independently decide whether to introduce cryptocurrency transactions.

Special investment funds are on the road in August

According to previous reports by the currency circle, the new German law was launched in August this year and opened up to 4,000 special investment funds (Spezialfonds) in Germany, which can allocate 20% of cryptocurrencies such as Bitcoin into the fund's portfolio.

Deka Bank, also a subsidiary of the German Savings Bank Group, also stated in an interview at the end of July that the company is considering investing in Bitcoin.