DZ Bank has taken a significant step towards creating a central retail offering for direct cryptocurrency trading. This year, the bank will enter into a pilot phase for retail trading of cryptocurrencies with selected cooperative banks.

Partnership and Implementation

In an interview with Bloomberg News, Souad Benkredda, a member of the DZ Bank board responsible for capital market transactions, explained that primary banks will test trading Bitcoin & Co. with customers. The DZ Bank, as the apex institution of the Volks- and Raiffeisenbanks, leads the project. However, contrary to the original plans, it will not collaborate with DWP Bank, a securities service provider in which the bank has a stake.

New Partner and Target Audience

Benkredda hasn’t disclosed DZ Bank’s new partner yet. She stressed that the trading opportunity targets self-directed investors, who need no advice. Additionally, the bank plans not only to offer trading in a single cryptocurrency, but a variety of cryptocurrencies to provide a comprehensive offering.

High Demand Among Cooperative Banks

The demand among cooperative banks is significant. According to a study by the cooperative association, every second bank plans to enable the solution for its customers. Ultimately, however, each institution will independently decide on this matter. DZ Bank is poised to meet this demand and facilitate access to cryptocurrencies for retail customers.

Expectations and Market Trends

The introduction of Bitcoin trading for retail customers by DZ Bank reflects the growing trend of traditional financial institutions entering the cryptocurrency market. This move could legitimize the crypto market and promote broader acceptance. The decision to offer a variety of cryptocurrencies demonstrates DZ Bank’s ambitions to establish itself as a leading provider in this emerging market. The partnerships and pilot phase are under close observation. They could greatly influence cryptocurrency trading in traditional finance.

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