German Savings Banks Mulling Crypto Offering for Customers in 2022

A group of more than 400 savings banks across  Germany are considering adding a number of crypto offering features to their list of services. This would include a functional digital wallet and cryptocurrency trading.

Savings banks are big players in Germany’s financial ecosystem, managing $1.5 trillion assets for around 50 million clients. The association will organize a vote early next year to decide whether to push ahead with the scheme.

If it sails through, customers would be able to trade digital currencies such as bitcoin, ethereum, and others using funds from their savings bank account.

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Although nothing is cast in stone just yet, a spokesperson for the consortium admits the “interest in crypto is huge,” suggesting that the asset class is too attractive for the German Savings Banks Association to overlook.

The association is looking to offer customers some basic crypto offerings as a way of dealing with the rising inflation in Germany and the world generally.

President of the German Savings Bank Helmut Schleweis described the spike in prices and the low-interest rates as a “toxic mix fueling an erosion of wealth, which is difficult to stop.”