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
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