- Customers will be able to test crypto transactions at the major partner banks.
- The bank has been tight-lipped about its new crypto trading pilot partner.
DZ Bank, the second-largest bank in Germany, said on Thursday that it would begin testing retail crypto trading this year. The cryptocurrency-friendly financial institution intends to pilot Bitcoin transactions with clients after launching a cryptocurrency custody platform in November last year.
Sometime later this year, DZ Bank will reportedly begin a cryptocurrency trading pilot, as reported by Bloomberg on February 1. The first group of partner banks will be included in the bank’s crypto retail transaction pilot program.
High Demand from Institutional Investors
Customers will be able to test crypto transactions at the major partner banks. The bank’s decision to not work with DWP Bank to execute it is in contrast to earlier intentions. The bank has been tight-lipped about its new crypto trading pilot partner.
Souad Benkredda, a board member of DZ Bank, stated:
“Over the course of the year we will enter the pilot phase for retail trading of cryptocurrencies with the first cooperative banks”.
In response to the high demand from institutional investors, DZ Bank has widened its focus to include the cryptocurrency industry. Now it’s planning to provide crypto trading services, including Bitcoin, to further establish itself in the crypto space.
For the purpose of processing and protecting digital financial instruments on the blockchain, DZ Bank announced the introduction of their digital assets custody platform last November.
Harmonize, a platform for digital asset custody and orchestration, was used by the bank in conjunction with Metaco to oversee its cryptocurrency services. Metaco pointed out that DZ Bank is using Harmonize throughout a thorough Proof-of-Concept and vetting phase.
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