Germany’s Largest DZ Bank to Pilot Bitcoin Trading After Crypto Custody Services
DZ Bank, Germany’s second-largest bank, said on Thursday that it plans to launch a crypto retail trading pilot this year. Crypto-Friendly Bank, Which Launched Crypto Custody Platform Last November, Plans to Test Bitcoin Transactions with Customers.
Germany’s DZ Bank to Launch Crypto and Bitcoin Trading
DZ Bank is preparing to launch a cryptocurrency trading pilot later this year, according to a Feb. 1 report from Bloomberg. Bank to Implement Pilot Phase of Cryptocurrency Retail Transactions with First Partner Bank Group.
Main banks will test Bitcoin transactions with customers. Contrary to initial plans, the bank will not be implementing this jointly with DWP Bank. The bank did not announce the new partner that will pilot bitcoin trading.
Dz Bank Board Member Souad Benkredda said, “During the Year, We Will Enter the Pilot Phase for Retail Trading of Cryptocurrencies with the First Cooperative Banks.” This means primary banks will test Bitcoin trading with customers.
DZ Bank Expands Its Access to the Crypto Market Amid Heavy Demand from Institutional Investors. It now plans to deepen its crypto presence with crypto trading services, including Bitcoin.
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DZ Bank’s Crypto Asset
Last November, DZ Bank announced the launch of a digital asset custody platform for processing and preserving digital financial instruments on the blockchain. The bank has partnered with Metaco to manage crypto services using digital asset custody and issuance platform Harmonize.
Metaco, which was recently acquired by ripple Labs, stated that DZ Bank used Harmonize through an extensive Proof of Concept and review process.
The inflow of digital asset funds from Germany has been higher since last year, indicating that there is a huge demand for crypto and Bitcoin from institutional investors in the country.
Also Read: XRPL Integrates Ripple‘s Hex Trust to Increase XRP Adoption
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Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with parofix Media. He currently covers the latest updates and developments in the crypto industry.
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