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DZ Bank, one of Germany’s largest banks, is planning to launch a pilot program for the trading of cryptocurrencies by the end of the year.
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According to a statement by Souad Benkredda, a member of the bank’s management board, DZ Bank plans to offer a variety of digital currencies to its customers as the central hub for around 700 cooperative financial institutions. Benkredda also said that the service will be aimed specifically at customers who are able to make their own investment decisions and will not include any investment advice.
In addition, a study by Genoverband, an organization that audits and advises over 2,500 cooperative institutions, found that half of banks want to offer such a solution to their customers. However, Benkredda stressed that each institution will make an independent decision on this matter.
The Frankfurt-based financial giant, which has assets under management of $627 billion, launched a crypto custody service in November 2022. This step came a few months after the bank announced that it would use Metaco’s technological infrastructure to offer services related to cryptocurrencies.