DZ Bank, Germany’s Largest, to Commence Bitcoin Trading Pilot Following Launch of Crypto Custody Services

DZ Bank, as Germany’s runner-up in banking size, disclosed on Thursday its intentions to roll out a digital assets trading trial for consumers within the current year. Post the unveiling of a cryptographic asset custody service last November, the bank is now setting its sights on piloting Bitcoin engagements with clientele.

Introduction of Cryptocurrency and Bitcoin Trading by DZ Bank

As per a

Bloomberg report on February 1
, DZ Bank is gearing up for a later-this-year initiation of a crypto trade pilot. The bank’s strategy involves a preliminary trial of crypto retail transactions with a select group of collaborating banks.

Contrary to its initial scheme, DZ Bank has decided against partnering with DWP Bank for this initiative and has yet to announce a new ally in its venture into Bitcoin trading.

In the words of Souad Benkredda, one of DZ Bank’s board members, the bank is “set to embark on the pilot phase for retail cryptocurrency trade along with the first cooperative banking institutions” within the year, signifying an experimental phase of customer-based Bitcoin trade.

DZ Bank is broadening its footprint in the cryptocurrency sphere in response to burgeoning demands by institutional investors and is eager to strengthen such footholds by implementing crypto trading offerings that include Bitcoin.

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Cryptocurrency Involvement at DZ Bank

Previously in November, DZ Bank broadcasted the start-up of a blockchain-based custody platform for digital financial assets, ensuring their secure processing and storage. Partnering with

Metaco
, they harnessed the Harmonize platform for orchestrating their cryptocurrency services.

Metaco, following its

acquisition by Ripple Labs
, acknowledged that DZ Bank’s utilization of Harmonize spanned an intensive Proof-of-Concept and vetting stage.

There has been a notable uptick in the flow of digital asset funds stemming from Germany, signifying a strong appetite for cryptos, particularly Bitcoin, among the country’s institutional investors.

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