A group of financial cooperatives in Germany, led by DZ Bank, will test a centralized platform for direct trading of cryptocurrencies.
DZ Bank Launches Pilot Phase for Bitcoin Trading This Year
“During the year, we will move to the pilot phase for retail trading of cryptocurrencies with the first cooperative banks,” Souad Benkredda, board member responsible for capital market operations at DZ Bank, said in an interview. This means that primary banks are trading Bitcoin & Co. with their customers. It means he will test his trade.
DZ Bank is interested in the project as the highest institution of Volks and Raiffeisenbanken. Contrary to original plans, DWP will not collaborate with Bank in practice. DWP Bank is a securities services provider in which DZ Bank holds a stake.
Benkredda did not disclose which new partner DZ Bank will use to carry out the project. He emphasized that the trading opportunity is for self-determiners, that is, customers who can manage without advice.
He also made it clear that the proposal would be quite far-reaching. “We want to offer trading of a variety of cryptocurrencies, not just one. This is important to us,” he explained.
According to Benkredda, there is a great demand among cooperative banks. “According to research by Genoverband, one in every two banks wants to unlock the solution for their customers,” he said. However, the decision is ultimately made independently by each institution.
*This is not investment advice.