One of Germany’s largest banks has confirmed reports of future crypto integration.
Fifty million German banking customers may be exposed to cryptocurrency soon. Sparkasse, a German bank, has verified speculations that it plans to introduce cryptocurrency wallets for its customers. These wallets should be accessible through existing bank accounts, according to the German financial magazine Finanz Szene.
According to the article, clients of the bank will soon have access to Bitcoin, Ethereum, and other cryptocurrencies. Customers will be able to obtain them without having to go via an external exchange, which will make the verification process easier.
Alexander Hartberg, a spokesman for the German Savings Banks and Giro Association (DSGV) said,
“The interest in cryptocurrencies is enormous, the Sparkassen-Finanzgruppe also sees it,”
Adding that the bank’s committee will make its final decision somewhere in the first half of 2022.
In Germany, 370 bank branches operate as their independent banks. While plans for crypto wallets are currently in the works, all banks’ committees must yet approve their use.
Sparkasse would become the first European bank of its kind to accept cryptocurrencies if they achieve their crypto goal, which may have a huge impact on the future of banking in Europe and propel the German financial powerhouse to the forefront of investing institutions.