Commerzbank, which is a German universal bank, and Volks- und Raiffeisenbank (a brand of cooperative banks), have announced plans to launch cryptocurrency services. These announcements come shortly after the German Savings Banks Association revealed plans to launch a crypto wallet.

Commerzbank and Volks Bank launch crypto services

Frankfurter Allgemeine Zeitung published the plans of Volks Bank. It stated that the group was moving forward with the decision to offer crypto services. The bank is currently examining the various forms of crypto services that it could offer its customers.

The bank isn't the first to make a move regarding digital assets. The bank previously announced its partnership with Deutsche Borse, Fintech 360x and other digital asset providers. This partnership was intended to create non-fungible assets, or NFTs, related to art and real property.

"We are working intensely on the topic of crypto assets," said a spokesperson from Commerzbank. Commerzbank spokesperson said that they are working on non-physical assets and the safekeeping and trading thereof.

The announcement of the banks follows the similar statement made by German savings banks, which now plan to let their customers invest in Bitcoin and other top cryptocurrencies.

Sparkasse savings banks are working together to launch a pilot program for a cryptocurrency wallet exchange and wallet. Local publications reported that the pilot project would begin in the early 2022, after approval by the Sparkasse committees.

Cointelegraph reported that one spokesperson for this association stated that "more and more consumers are interested" in crypto-assets. One in ten German Savings Banks customers states that they have owned or had ownership of crypto-assets. The Savings Banks Finance Group must also consider crypto assets, based on their expectations.

S-Payment, a German IT services provider, will launch the crypto wallet. Individual savings banks will be the first to test the crypto wallet. Later, the 370 members of the association will decide whether or not they want to launch crypto services.

Sparkasse, a German financial institution market leader, will make a significant impact on crypto adoption in Germany. Sparkasse could be more accessible to the German public if the banks join Sparkasse's crypto endeavors. This will allow the vast majority to adopt cryptocurrency.

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By: Ali Raza
Title: Two German banks Commerzbank and Volks join Sparkasse in crypto plans
Sourced From: insidebitcoins.com/news/two-german-banks-commerzbank-and-volks-join-sparkasse-in-crypto-plans
Published Date: Wed, 15 Dec 2021 13:43:37 +0000