AGENCIES | It was recently reported that in Germany, over 370 branches of the country’s Sparkassen group of banks will be voting to decide the possible future of the crypto trading industry in the country.
With over $1 trillion in assets, it was reported that the group might be planning to move into the crypto trading industry. The information about this was reported by the German media, saying that the ideas are very actively being discussed and could see an outcome in the following few months.
Almost 400 banks in Germany, by working together, can potentially start offering crypto trading to their customers directly from their accounts starting from 2022. It was reported that the network of savings banks in the country will vote on whether to proceed with the project.
The voting should be done early next year. It was also reported that if approved, the banks in the country would be able to offer to trade digital currencies such as bitcoin and ether to their customers. This would be done directly, without the need for any intermediaries.
The German media also reported that the team from the German IT service provider S-Payment is very actively working to create a concept for future developments. S-Payment is a very famous company, which focuses on creating and marketing payment solutions for private as well as corporate customers of the savings banks.
While the project has already been developed by S-Payments, it was noted that the project first needs to be voted on by the Sparkassen committee.
Possible Launch of the Project
Although an official statement about the matter is yet to be made, it was reported by some insiders that if the project gets the green light from Sparkassen, the first version of the wallet could be launched yearly s before the end of the next year.
If done, this will be a very important step for the crypto industry around the world, specifically in the EU. It will be a precedent for the European banking industry, which can play a significant role in the future development of the crypto industry.
While the crypto trading market has developed very fast over the past few years, there still are many things that should happen for the further development of the crypto trading industry. Steps like this are very important for the future of crypto.
Not only do such steps make crypto trading more popular around the world, but they also increase its legitimacy among retail traders.
Germany, being one of the leading economies in the EU, can very much be a front-runner in the crypto trading industry if it manages to adopt this opportunity. If this happens, it can very much help Germany become one of the leading players in the region in terms of the crypto industry.
Crypto Trading in Germany
Crypto trading has managed to become very popular in Germany over the past few years. A lot of people in the country, especially the newer generation of the population, are showing an increased interest in the crypto trading market every single day.
There are numerous crypto exchanges available in Germany, offering local traders access to high-quality trading services. Such an easy way into the crypto trading market has made crypto trading truly very popular in Germany, as well as around the world.
Even those in the country who simply do not have enough time to trade cryptocurrencies are finding ways to make profits from this market. One of the most common things is to take advantage of automated trading.
Trading cryptocurrency using an automated system can be very beneficial for crypto traders in Germany, as it can make it a lot easier for beginners to get started in the market. The trading robots offer individuals to analyze the market in a matter of a few minutes, and they can even automate the whole trading process, which leaves traders with additional time for their daily lives.
Cutting Down the Middle Man
If things go according to the plan and the banks vote in favor of the project, this would allow millions of customers of the banks to start trading cryptocurrencies without having to deal with a middle man.
The savings banks in the country have almost 50 million customers and are known as the leader among the German financial institutions. The entrance of the group into the crypto trading market would enable a lot of people in the country to have access to digital assets.
This is truly a revolutionary idea, as many other large banks around the world have not even tackled the issue yet. By cutting down the middlemen like crypto exchanges, individuals would not be required anymore to go through additional verification procedures, which can make it easier for everyone to start trading.
The customers of Sparkassen will be granted the opportunity to buy cryptocurrencies directly using their checking accounts. This will give the bank a huge advantage over companies like Coinbase, where newcomers are required to go through different types of verification procedures.
According to the information that German media reported, the pilot project is likely to start with individual saving banks. Also, at the end of the pilot project, all of the institutes should be able to independently decide whether to introduce crypto trading or not.
Such projects are very important for the future development of the crypto industry. It will be able to provide more people with access to the crypto trading market, which is very important for the future of crypto trading.