Germany's third largest bank, DZ Bank, plans to launch a pilot program for cryptocurrency trading services later this year ahead of a potential wider rollout.
DZ Bank, Germany's third largest bank, announced plans this week to launch a pilot program later this year that will allow customers to trade cryptocurrencies like Bitcoin directly through the bank.
The pilot phase, expected to roll out over the next several months, will test the cryptocurrency trading platform and services. A select group of customers at primary banks will have access to buy, sell and hold Bitcoin and potentially other digital currencies.
"Throughout the year, we will move into the pilot phase for individual trading of cryptocurrencies with the first cooperative banks," said Souad Benkredda, a DZ Bank executive board member overseeing capital markets operations, in an interview with Bloomberg News.
If successful, the cryptocurrency trading pilot could open the door for DZ Bank to offer similar digital asset services to its broader customer base.
The move by Germany's third-largest bank marks the growing mainstream acceptance of cryptocurrencies as an investable asset class in one of Europe's largest economies.
DZ Bank's pilot program will serve as an important test case for cryptocurrency services at a major German bank. User feedback and performance data will help guide the bank's plans to potentially expand offerings to more customers if proven successful.
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