DZ Bank, Germany's second-largest bank, said on Thursday that it plans to launch a pilot program for retail cryptocurrency trading this year. The cryptocurrency-friendly bank that launched its cryptocurrency custody platform last November plans to test Bitcoin transactions with customers.
German DZ Bank launches cryptocurrency and Bitcoin trading
According to a report from Bloomberg on February 1, DZ Bank is preparing to launch a cryptocurrency trading pilot program later this year. The bank will conduct a pilot phase of retail cryptocurrency transactions with the first batch of partner banks.
Major banks will test Bitcoin transactions with customers. Unlike the original plans, the bank will not implement it in partnership with DWP Bank. The bank did not reveal the new partner for testing Bitcoin trading.
“Throughout the year, we will enter into the pilot phase of retail digital currency trading with the first cooperative banks,” said Souad Benkrida, member of the Board of Directors of DZ Bank. This means that primary banks will test Bitcoin trading with customers.
DZ Bank has expanded its reach into the cryptocurrency market amid overwhelming demand from institutional investors. It now plans to deepen its presence in the cryptocurrency space through cryptocurrency trading services, including Bitcoin.
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The presence of encryption in DZ Bank
Last November, DZ Bank announced the launch of a digital asset custody platform to process and protect digital financial instruments on the blockchain. The bank has partnered with Metaco to manage its crypto services using the Harmonize digital asset custody and curation platform.
Metaco, which was recently acquired by Ripple Labs, noted that DZ Bank is using Harmonize in an extensive proof-of-concept and diligence process.
The inflow of digital asset funds from Germany has been higher since last year, indicating massive demand for cryptocurrencies and Bitcoin by institutional investors in the country.
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