- German banks Planning to Get into Crypto
- Comparison With Other Platforms
German banks Planning to Get into Crypto
As per the latest report, the largest association of banks in Germany is looking to offer cryptocurrency to its 50 million customers. This could be a step taken to take advantage of the growing interest of people in crypto due to the fears of interest rate and inflation. People are looking for other opportunities to invest.
Currently, this is still under consideration, but if approved, a working crypto wallet could be offered by next year.
Comparison With Other Platforms
Over other exchanges, banks can hold a significant edge, as they already have a structure designed around such compliance. It will also ease the trading experience of investors as they would have to not go through KYC procedures (as banks have this information already) and could buy the crypto directly.
As per the structure of the Germany Savings Bank Association, each bank will have the liberty to decide on this matter, meaning all 370 banks have to decide individually. But it has been witnessed that many banks have already shown interest in this program.
Disclaimer: The article should not be considered as any financial advice. It is advisable to conduct thorough research before investment.
Photo by – Tima bedanken on Pexels