NewsletterGermany’s Largest DZ Bank To Pilot Bitcoin Trading After Crypto Custody Services
Highlights
- DZ Bank plans to deepen crypto presence with a crypto retail trading pilot this year
- The bank to conduct a pilot phase of cryptocurrency retail transactions with the first batch of partner banks
- DZ Bank launched a digital assets custody platform last year utilizing Ripple's Metaco
Germany’s second-largest bank DZ Bank on Thursday said it plans to launch a crypto retail trading pilot this year. The crypto-friendly bank that launched a crypto custody platform last November plans to test Bitcoin transactions with customers.
Germany’s DZ Bank To Launch Crypto And Bitcoin Trading
According to a report by Bloomberg on February 1, DZ Bank is preparing to launch a cryptocurrency trading pilot later this year. The bank will conduct a pilot phase of cryptocurrency retail transactions with the first batch of partner banks.
The main Banks will test Bitcoin transactions with customers. Contrary to original plans, the bank will not be implementing it in partnership with DWP Bank. The bank has not revealed the new partner for piloting Bitcoin trading.
Souad Benkredda, a board member of DZ Bank, said “Over the course of the year we will enter the pilot phase for retail trading of cryptocurrencies with the first cooperative banks”. This means that primary banks will test trading Bitcoin with customers.
DZ Bank has expanded its reach into the crypto market amid massive demand from institutional investors. It now plans to deepen its crypto presence with crypto trading services, including Bitcoin.
Also Read: US Fed Money Printing & Banking Crisis Is Back, Arthur Hayes’ Bitcoin Prediction
DZ Bank’s Crypto Presence
Last November, DZ Bank announced the launch of a digital assets custody platform for processing and safeguarding digital financial instruments on the blockchain. The bank partnered with Metaco to manage its crypto services using the digital asset custody and orchestration platform Harmonize.
Metaco, which was recently acquired by Ripple Labs, noted that DZ Bank is utilizing Harmonize at an extensive Proof-of-Concept and diligence process.
The digital asset funds’ inflow from Germany has been higher since last year, indicating a massive demand for crypto and Bitcoin by institutional investors in the country.
Also Read: XRPL Integrates Hex Trust To Amplify Ripple’s XRP Adoption
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Senate Committee Advances Pro-Crypto Michael Selig’s Nomination For CFTC Chair
- Ethereum Treasury FG Nexus Offloads 10,922 ETH Amid ETH Price Crash Below $3,000
- Billionaire Ray Dalio Reveals Bitcoin Allocation, Says BTC Not Ready For Reserve Role
- Breaking: Rep. Warren Davidson Introduces ‘Bitcoin for America’ Act to Codify Strategic BTC Reserve Order
- More Rate Cuts Could Keep Inflation Elevated, Fed’s Beth Hammack Warns
- Dogecoin Price Forecast: Will DOGE Hold Above $0.15 or Fall Lower?
- Pi Coin Price Eyes a 105% Surge as Bullish Patterns Align With Bullish Fundamentals
- Will XRP Price Rally to $3 After Bitwise Launches First XRP ETF on NYSE?
- Ethereum Price Hits Historical Liquidity Reset — Is a Bounce Coming?
- Solana Price Prediction: Key Indicators That Could Propel SOL Toward $200
- Zcash Price Outlook: What’s Next for ZEC After Surging 12%?
