Germany's Public Savings Bank Network Sparkassen to Offer Bitcoin Trading to Clients: Report

Sparkassen, a group of savings banks operating across Germany since the first established in Hamburg in 1778, has decided to introduce cryptocurrency trading services for their customers, according to a report by Bloomberg.

The group will enable private clients to trade cryptocurrencies, including bitcoin

The news comes months after DekaBank introduced crypto trading and custody services for institutional clients and represents the growing acceptance of digital assets within traditional banking systems.

The German Savings Bank Association (DSGV) reportedly backed the decision to enable crypto trading, citing growing demand and the prevalence of legal framework under the so-called European MiCAR Regulation.

Earlier this year, Matthias Diessl, president of the Savings Banks in Bavaria, said in a Bloomberg interview that savings banks should offer customers the opportunity to trade cryptocurrencies, deviating from a three-year-old committee recommendation cautioning against enabling crypto trading.

That said, despite warming up to the idea, DGSV still considers digital assets as highly speculative investments, according to Bloomberg.