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DZ Bank, Germany’s second-largest bank, is gearing up to introduce a cryptocurrency trading pilot later this year, as reported by Bloomberg. Souad Benkredda, a board member, shared that the bank, serving as the central institution for approximately 700 cooperative lenders, aims to list various cryptocurrencies. The offering is specifically designed for customers capable of making investments “without advice.” According to Benkredda, a study conducted by the Genoverband reveals that half of the banks are interested in providing cryptocurrency solutions for their customers, though each institution will independently decide its course of action.
DZ Bank, based in Frankfurt with $627 billion in assets under management, had previously launched a cryptocurrency custody platform in November. This move followed the bank’s announcement that it would leverage Metaco’s technology solution for developing crypto-related services. DZ Bank’s foray into cryptocurrency trading aligns with the global trend of institutional adoption, as evidenced by recent approvals for spot exchange-traded funds (ETFs) from industry giants like BlackRock and Fidelity in the U.S., facilitating substantial trading volumes in the cryptocurrency market.
