According to Bloomberg, DZ Bank, the second-biggest bank in Germany, intends to launch a pilot programme for cryptocurrency trading later this year.
The bank, which serves as the hub for over 700 cooperative lenders, plans to sell a range of cryptocurrencies, according to board member Souad Benkredda, who told Bloomberg that the sale is intended for clients who can make investments “without advice.”
“Every second bank wants to offer this solution for their customers, according to a study by the Genoverband,” Benkredda stated. “Ultimately, each institute makes the decision independently.” Genoverband is an association that provides more than 2,500 cooperative organisations with auditing and consulting services.
In November, the Frankfurt-based bank, which oversees $627 billion in assets, unveiled a bitcoin custody platform. The news that it would be utilising Metaco’s technological solution to develop services linked to cryptocurrencies was made months prior to the release.
DZ’s entry into bitcoin (BTC) trading coincides with the widespread adoption of cryptocurrencies by financial institutions worldwide. Just this past month, BlackRock and Fidelity received approval for their spot exchange-traded fund (ETF) applications in the United States, opening the door for trading volume valued at billions of dollars.