Germany’s Savings Banks Could Introduce Crypto Trading Next Year: Report

The network of around 400 savings banks across Germany will vote on whether to proceed with the project early in 2022.

AccessTimeIconDec 13, 2021 at 4:43 p.m. UTC
Updated May 11, 2023 at 5:47 p.m. UTC

Germany’s savings banks are working together to potentially start offering crypto trading to customers directly from their accounts in 2022.

  • The network of some 400 savings banks across Germany will vote on whether to proceed with the project early next year, German business publication Capital reported Monday.
  • If approved, the banks would be able to offer trading of digital currencies such as bitcoin and ether to their customers direct from their checking accounts.
  • A pilot for the project is being developed by payment IT services provider S-Payment, Capital said.
  • The savings banks have about 50 million customers and manage about $1 trillion in assets. Even modest take-up could see sizable inflows of funds into the crypto market.
  • The news represents the second potentially significant development to come from Germany this year following the approval of a law in July allowing “Spezialfonds” (special funds) to allocate up to 20% of their portfolios to crypto, which could equate $400 billion.
  • FTX Bankruptcy Claims Deadline; UK Crypto, Stablecoin Rules Passed Into Law
    02:16
    FTX Bankruptcy Claims Deadline; UK Crypto, Stablecoin Rules Passed Into Law
  • US Sanctions Russian Darknet Marketplace Hydra
    06:29
    US Sanctions Russian Darknet Marketplace Hydra
  • The State of Crypto in South Africa
    07:10
    The State of Crypto in South Africa
  • Germany’s Central Bank Is Testing Blockchain-Based Alternatives to CBDCs
    05:10
    Germany’s Central Bank Is Testing Blockchain-Based Alternatives to CBDCs
  • Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.


    Read more about