- German Savings Banks are working to pilot Bitcoin and Ethereum services.
- This will help Sparkasse customers to buy BTC and ETH directly from their account.
German Savings Banks are working on a crypto project to provide Bitcoin (BTC) and Ethereum (ETH) services. The project will pave the way for the banks to even trade a wide range of digital currencies in the future.
According to the announcement, this innovation will enable Sparkasse customers to buy BTC and ETH directly through their accounts. The S-Payment IT team is innovative minds preparing the concept for the project.
However, all Sparkasse committees are obliged to vote on the project at the beginning of 2022. All things being equal, they plan to launch a crypto wallet that has end-to-end encryption before this year-end.
On one hand, the project is expected to transform and neutralize the European banking landscape. Additionally, the post mentioned that since the savings banks have a huge user-based, entering the crypto market can influence others sectors to also trade crypto.
Unlike how Coinbase (NASDAQ:COIN) asks customers to identify themselves, this opportunity will be an advantage for everyone to trade crypto seamlessly. Based on the report, the financial authority in the country hasn’t made any attempt to stop the Savings Bank’s crypto decision.
Furthermore, through this, the Savings Banks subtly intend to expose their presence as part of their brand. In another sense, doing will give some sense of trust to the banks.