German Sparkasse to Launch a Crypto Wallet

One of the German banking giants confirms rumors about upcoming crypto integration.

German Sparkasse to Launch a Crypto Wallet

Fifty million German banking customers might soon get exposed to crypto. The German bank Sparkasse has confirmed rumors about its upcoming plans to introduce crypto wallets for its clients. Confirmed by the german financial media Finanz Szene, these wallets should be available to access through the existing bank accounts.

The report states that the bank’s clients will soon have access to Bitcoin, Ethereum, and other cryptocurrencies. The plan is for the customers to not have to go through an external exchange to acquire them, which would simplify the verification process.

The interest in cryptocurrencies is enormous, the Sparkassen-Finanzgruppe also sees it,said Alexander Hartberg, the German Savings Banks and Giro Association (DSGV) spokesman, adding that the bank’s committee will make its final decision sometime in the first half of 2022.

There are 370 bank branches across Germany, acting as their own separate independent banks. And while the plans for crypto wallets are already in motion, all of the banks’ committees still have to confirm their adoption.

Upon accomplishing their crypto vision, Sparkasse would become the first European bank of its kind to adopt cryptocurrencies, which could have an enormous impact on the future of banking in Europe and bring the German financial giant into the forefront of investment institutions.

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