Bank AI

This development marks an important step towards the mainstream acceptance of digital currencies in Europe's largest economy. 
Souad Benkredda, a board member of DZ Bank, indicated in an interview with Bloomberg News that the bank, which serves as the central institution for around 700 cooperative lenders, is planning to list a variety of cryptocurrencies. This service will cater to customers interested in investing independently, without the need for advisory services. 
"Throughout the year, we will move into the pilot phase for individual trading of cryptocurrencies with the first cooperative banks," Benkredda added. 
The bank, which boasts $627 billion in assets under management, is not new to the cryptocurrency domain. In November, DZ Bank unveiled a <a href="https://financefeeds.com/etoro-stops-crypto-custody-service-in-germany/">cryptocurrency custody platform</a>, following its earlier announcement about using Metaco's technology solutions to develop crypto-related services. 
The upcoming pilot phase, set to be rolled out over the next few months, aims to rigorously test the cryptocurrency trading platform and services. Initially, a select group of customers from primary banks will have the opportunity to buy, sell, and hold Bitcoin, along with potentially other digital currencies. 
Earlier in November, Commerzbank AG obtained a crypto custody license in Germany, making it the first “full-service” German bank to receive such a license under the legal framework of the German Banking Act. 
This license enables Commerzbank to offer <a href="https://financefeeds.com/finma-regulated-digital-asset-provider-taurus-expands-into-germany/">custody services</a> for crypto assets and expand its digital asset services. The bank’s initial focus will be on institutional and corporate clients, with the first product being a custody service for cryptocurrencies, specifically bitcoin and ether. 
Commerzbank said it aims to establish a secure and reliable platform that complies with local regulations to support its institutional clients through crypto custody services via blockchain. 
The crypto landscape in Germany has witnessed growth, with institutions like Deutsche WertpapierServiceBank launching a crypto trading platform to provide access to the digital asset industry for numerous banks and savings banks in the country. 
This expansion mirrors moves by other players in the industry, such as Coinbase Custody, which opened an office in Ireland, and Fidelity Digital Assets, which launched a branch in the U.K. Germany’s largest lender,&nbsp;<a href="https://financefeeds.com/deutsche-bank-to-establish-crypto-business-in-germany/">Deutsche Bank AG</a>&nbsp;also applied for regulatory approval to operate as a cryptocurrency custodian in Germany. The Deutsche Bank’s&nbsp;<a href="https://financefeeds.com/gcex-taps-staking-services-from-digital-asset-custody-partner-hex-trust/">digital asset custody</a>&nbsp;prototype caters specifically to institutional clients to establish a seamless connection between them and the broader cryptocurrency ecosystem.

DZ Bank to launch cryptocurrency trading in Germany

FinanceFeeds

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