Savings banks in German-speaking countries called Sparkassen are working on developing a wallet and cryptocurrency exchange service planned for the beginning of next year.
Sparkassen is a commercial banks structure that operates savings banks in German-speaking countries in a decentralized structure. Each of them works and makes decisions independently. Sparkassen has nearly 50 million clients and owns 1 trillion euros ($ 1.2 trillion).
The Sparkasse committees will approve the pilot project, and the banking association plans to complete the project with all related services by early 2022.
A representative of the German Savings Banks Association Sparkasse confirmed this information to Cointelegraph:
“More and more consumers are interested in crypto-assets. One in ten customers of the German Savings Banks states he/she owns or has owned crypto-assets. Considering their expectations, the Savings Banks Finance Group has to look into crypto-assets, too”
He also added that a group of experts from the German IT service provider S-Payment is now developing the solution to provide a secure service for storing cryptocurrency in bank wallets for clients.
Each of the 370 Sparkassen will have to decide whether to allow cryptocurrency trading or not. Although, Capital sources claim that some banks have already shown interest in the project.
We are witnessing a digital revolution happening before our eyes – the infrastructure is developing, and banks are gradually moving to the blockchain, for more and more customers use cryptocurrencies to pay for goods and services, and more and more services are available for cryptocurrency.