DeutschVolksbank is discovering digital currency. More and more cooperative banks want to include Bitcoin and Ether in their offerings. However, it will take time in many places before the first customers can actually trade cryptocurrencies through their local bank, as dpa reports.
Bitvavo, one of the leading exchanges from Europe (Netherlands) with a large selection of cryptocurrencies. PayPal deposit possible. For a limited time only: 10 Euro bonus when you sign up via CoinPro.ch
According to a survey by the Genoverband, 71 percent of the institutes are now dealing with the topic of crypto trading. A year ago, it was only 54 percent. A remarkable leap – and a clear signal that crypto fever has also reached the traditionally more conservative cooperative banks.
Volksbank Ventures into the Crypto Business, but…
However, the reality for customers remains complicated. At almost every fifth institute that is planning to enter the market, those responsible expect a timeframe of six to twelve months. A third want to start within five months. And at least 17 percent openly admit: It could take up to two years or longer before Bitcoin and Co. actually appear in online banking.
The fact that banks are even thinking so offensively about crypto is also due to the infrastructure in the background. DZ Bank, the top institution of the cooperatives, has built a technical platform that has already been tested in a pilot phase with six Volksbanken – including in Nuremberg, Würzburg and Hanover. The pilot project has been completed, so the way for a broader implementation would be clear.
Interesting: SEC chief Atkins heralds «new crypto chapter» in the USA
What is clear is that the demand for digital coins is increasing. While neobanks such as N26, Revolut or Trade Republic have long offered cryptocurrencies in their apps, the traditional institutes no longer want to stand by and watch. The Sparkassen, long skeptical, have also given up their resistance and are working on their own model via their Dekabank.
Soon Access to Bitcoin and Ether in a Familiar Environment?
DZ-Bank CEO Cornelius Riese puts it soberly: «Cryptoassets is a financial instrument that is risky but in demand.» Anyone who invests consciously should also be able to find this product at their cooperative bank. Riese even speaks of it being a «matter of course» to have Bitcoin and Co. on offer.
But the skepticism remains. Central banks around the world warn of the risks associated with the highly volatile prices. Bitcoin, born in 2009 as a response to the financial crisis, is generated through complicated calculation processes – a maximum of 21 million units are planned. Transactions are anonymous, but are visible to everyone in the blockchain. Speculative bubbles are as much a part of the history of cryptocurrency as spectacular price gains.
Already heard: Grayscale applies for new crypto ETFs with the SEC
This results in a balancing act for the cooperative banks: on the one hand, they should meet the demand, on the other hand, they must protect their customers from possible risks. «As a product for self-deciders who know what they are doing,» says Riese, it fits into the portfolio – but not for everyone. It is undisputed that crypto is no longer a niche phenomenon. With Volksbank, a heavyweight of the German financial system is entering the stage. For many customers, this means: soon access to Bitcoin and Ether in a familiar environment – for others, however, it remains a test of patience. (mck)
