Germany's Largest Savings Bank to Open Bitcoin Access for 50M Customers

Germany's Largest Savings Bank to Open Bitcoin Access for 50M Customers

Germany's largest savings bank will open access to Bitcoin transactions for 50 million of its customers. In parallel with this, the bank is working on creating its own cryptocurrency wallet.

Germany's largest savings bank, Sparkasse, plans to launch a cryptocurrency service in 2022, U Today reports. This means that 50 million customers who already use the bank's services can potentially enter the cryptocurrency market. Sparkasse plans to provide its customers with the ability to buy, sell and store Bitcoin. Apart from this, it is reported that the bank is currently also working on its own cryptocurrency wallet.

The idea is that Sparkasse customers should have access to digital currencies directly from their checking accounts. This way, they will not need to further identify themselves, because they are already identified as customers of the bank with current accounts. No additional authentication would be required for the wallet.

Given the worldwide trend, it looks like the mass distribution of Bitcoin has arrived. A recent report from Grayscale shows that investors are showing a growing propensity to own digital currency as a profitable long-term investment. In addition, Bitcoin is increasingly seen as an investment not only among young investors but also among the elderly. According to the study, retirees are increasingly looking at Bitcoin as an investment product in their portfolios.

© 2021, Eva Fox | Tesmanian. All rights reserved.


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About the Author

Eva Fox

Eva Fox

Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.

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