DZ Bank to Launch Pilot Crypto Trading Project
DZ Bank, the second-largest bank in Germany, plans to launch a pilot crypto trading project later this year, according to Bloomberg. The bank aims to offer a variety of cryptocurrencies to its clients who can invest ‘without advice’.
Expansion of DZ Bank’s Crypto Services
Based in Frankfurt and managing $627 billion in assets, DZ Bank is gearing up to enter the world of crypto trading. Souad Benkredda, a board member, told Bloomberg that the bank, which serves as the central institution for around 700 cooperative lenders, envisions listing a range of cryptocurrencies. This initiative is aimed at clients who want to invest independently.
Independent Strategy of Cooperative Banks
According to a study conducted by Genoverband, an auditing and consulting association for over 2,500 cooperative organizations, half of the banks surveyed want to offer this solution to their clients. ‘Finally, each institution makes the decision independently,’ said Souad Benkredda.
The DZ Bank initiative comes amid the global adoption of cryptocurrencies by financial institutions. Giants such as BlackRock and Fidelity recently had their requests for exchange-traded funds (ETFs) approved in the United States, paving the way for billions of dollars in trading volume.