German savings banks, known as Sparkassen, are responding to increasing customer demand by integrating cryptocurrency trading and custody services into their mobile applications. According to Ulrich Reuter, President of the German Savings Banks Association (DSGV), surveys have revealed a substantial interest in Bitcoin and other cryptocurrencies among their clientele, with some already acquiring them through alternative platforms.
The decision to introduce this offering was directly driven by this growing customer interest, Reuter stated in an interview with Handelsblatt. While previously expressing reservations regarding cryptocurrencies, he acknowledged the shift in market dynamics and the regulatory clarity provided by the upcoming European Mica regulation.
Reuter emphasized that the Sparkassen’s move, while perhaps later than that of some competitors, stems from a commitment to caution, given the particularly high level of trust placed in Sparkassen. He reaffirmed his personal skepticism regarding cryptocurrencies, explicitly stating they are not suitable for retirement planning.
Importantly, Sparkassen will not offer cryptocurrency investment advice, instead focusing on providing clear warnings regarding the associated risks. The decision of whether to activate cryptocurrency trading within the Sparkassen-App will remain at the discretion of each of the 342 individual Sparkassen branches.
