It is reported that the German banking giant Sparkassen-Finanzgruppe plans to launch cryptocurrency trading services, expected to go live in the summer of 2026, opening up cryptocurrency asset trading channels for its over 50 million customers, marking a significant transformation for the institution.
According to a report by Bloomberg on Monday, Dekabank, which has already entered the crypto space, will operate this new cryptocurrency service through the Sparkasse App. Dekabank is a member institution of Sparkassen (i.e., the savings bank financial group).
The German Savings Banks Association (DSGV) stated, "The savings bank financial group will provide customers with regulated and trustworthy cryptocurrency services."
DSGV added that this cryptocurrency service is launched based on customer demand and has been incorporated into the EU's MiCA cryptocurrency regulatory framework that took effect last December.
Sparkassen executives had previously completely ruled out related businesses due to concerns about the volatility and risks of cryptocurrencies, even banning customers from trading cryptocurrencies altogether in 2015.
Although the direction has now shifted, DSGV still emphasizes that its "position remains clear: cryptocurrencies are high-risk, speculative investments," and added that there will be no advertising for the new service, with customers being fully informed of all risks, including the "potential for total loss."
Sparkassen-Finanzgruppe has over 50 million customers and more than 500 member companies, including over 370 savings banks, with total managed assets exceeding 2.5 trillion euros (approximately 2.9 trillion dollars).
Filipp Bolotov, founder and CEO of AI and blockchain company ERA Labs, stated on Monday that Sparkassen's entry into the crypto space is "an important milestone for mainstream adoption."
Meanwhile, crypto venture capitalist and founder of Master Ventures, Kyle Chasse, pointed out, "Banks are accelerating their pace."
Other banks in Germany have also entered the crypto space.
Germany's second-largest financial institution, DZ Bank, will launch a pilot for crypto services in September 2024 in collaboration with Boerse Stuttgart Digital, planning to expand trading and custody services to its network of 700 partner banks after initial testing.
Germany's largest state bank, Landesbank Baden-Württemberg, announced last April that it would collaborate with Austrian crypto exchange Bitpanda to provide crypto asset custody services for institutional clients.
Eric Trump, executive vice president of the Trump Organization, predicted in an interview on April 30 that if banks do not adopt cryptocurrencies, they will be eliminated within the next decade, pointing out that the current financial system has many issues regarding speed and cost.
Additionally, during Paris Blockchain Week held on April 8, Eric Turner, CEO of Messari, and Thomas Eichenberger of Sygnum Bank predicted that as regulators adopt stablecoins and allow banks to offer crypto services, the banking industry is expected to accelerate its entry into the crypto space by the second half of 2025.
Related: Musk threatens to establish the "American Party"! The fate of Trump's "Beautiful Law" and crypto tax reform intertwined.
Original text: “German banking giant to adopt crypto trading services by 2026, banking industry 'FOMO' spreads”
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