According to Bloomberg, Germany’s second-largest bank, DZ Bank, plans to start testing crypto-asset (virtual currency) trading later this year.
DZ Bank executive Souad Benkredda told Bloomberg that the bank, which is the central institution for about 700 cooperatives, wants to list a variety of crypto assets and is willing to invest “without advice.” He said he plans to target customers who can.
“According to Genoverband’s research, one in two banks would like to offer this solution to their customers,” Benkredda said. “Ultimately, each bank will have to make its own decision.” Genoverband is an auditing and consulting organization for over 2,500 cooperative organizations.
The Frankfurt-based bank, which has assets under management of $627 billion (approximately 91 trillion yen, equivalent to 145 yen per dollar), released a crypto asset custody platform in November. The release comes months after the company announced it would use Metaco’s technology solutions to build crypto-related services.
DZ Bank’s entry into Bitcoin (BTC) trading comes after its application for a spot exchange-traded fund (ETF) was approved in the U.S., and BlackRock and Fidelity are participating in multi-billion dollar transactions. The move paralleled the global adoption of crypto assets among institutional investors.
｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Original text: Germany Banking Giant DZ to Pilot Crypto Trading This Year: Bloomberg