A group of around 370 savings banks in Germany, collectively known as the Sparkasse, is working on plans to introduce services around the world Bitcoin (BTC) and Ethereum (ETH) already in the coming year 2022.
As the local magazine Capital reports, the plan is at an advanced stage and requires the approval of the Sparkasse committees, which will approve the planned start of the pilot project at the beginning of the year.
According to the reports, the crypto-related services will be rolled out in phases, starting with the pilot phase, which will be billed first, with each of the 370 banks deciding independently whether to unblock the service or not. The group plans to develop an internal cryptocurrency wallet and a complementary trading platform for the service. The concept for the new service is being designed by the German IT service provider S-Payment.
Despite the fact that the plans were not made public, a number of banks in the group have reportedly shown interest in the proposed offer.
Sparkasse is a commercial bank that has up to 50 million customers and manages assets of up to 1 trillion euros (1.2 trillion US dollars). The Bank operates savings accounts on behalf of its customers. These banks operate in German-speaking Europe and are opening their arms wide to what most regulators refer to as speculative assets with their plans to bring digital currency services to market.
If the plans to introduce the crypto service pull through, the decentralized operating structure of the Sparkasse will be raised to a whole new level. The plans are certainly backed by the crypto-friendly German government, which is expecting the approval of several Bitcoin and crypto-focused exchange-traded fund products.
The entry of banks into the ecosystem of digital currencies is becoming commonplace today. Earlier this week, Blockchain.News reported that the Swiss franchise of the Spanish banking giant, BBVA has added Ethereum-based services to its suite of products, a trend that is expected to continue in the near future.
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