Germany’s largest savings bank, Sparkasse, is said to be planning to launch cryptocurrency trading services in 2022. This will be a huge development since it will offer around 50 million customers to cryptocurrency and give them the opportunity, for example, to Bitcoin (BTC) and raised (ETH) to buy.
Secret Bitcoin Plan
The plan is currently being developed clandestinely by IT service provider S-Payment, So Der Spiegel. The first version of the platform could be submitted to the Sparkasse Board as early as this year.
Der Spiegel writes that other German banks have so far largely remained on the sidelines in terms of providing crypto services. But with Sparkasse, the potential adoption of cryptocurrencies like Bitcoin and Ethereum could rise by 50 million Germans in one fell swoop.
Buy bitcoin directly with bank account
Minimum to buy bitcoins via Sparkasse will be much lower than average cipher exchange. Their identity must first be fully verified. If the Sparkasse plan becomes a reality, that will be a lot easier.
In this case, customers will be able to purchase cryptocurrencies directly using their Sparkasse account. In this case, the step of buying cryptocurrency is much smaller.
Each branch decides in the end for itself
Sparkasse is not a single entity but is made up of more than 370 different branches. According to Der Spiegel, a first test will be done with a few of these branches. If successful, each branch will ultimately decide for themselves whether or not they want to provide crypto services to their clients.
The other major traditional players involved in crypto are on the other side of the big pond. For example, PayPal offers its customers Long term encryption services, which is something you will eventually bring to Europe.
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