Banks in Germany are preparing to target crypto market share in 2022

Banks in Germany are preparing to target crypto market share in 2022
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Banks in Germany are preparing to target crypto market share in 2022

Several large firms in Germany will make inroads into the crypto market in 2022.

01/13/2022

Several large firms in Germany will make inroads into the crypto market in 2022, as a crypto frenzy takes hold following the approval of spezialfonds crypto trading, according to the report.

Maximilian Tayenthal, co-founder of N26 (the largest FinTech challenger bank in Europe with a $9 billion valuation), revealed in a groundbreaking interview with the Financial Times that. Following its exit from the British and American FinTech markets, the bank intends to double-down on its offerings to European customers.

“Should we have established trading and also cryptocurrency instead of debuting in the United States?” “In retrospect, it might have been a good idea,” Tayenthal admitted.

FinTech banking clients driving strong demand for more access to crypto products

The co-founder specifically mentioned ambitions to create a cryptocurrency trading platform in 2022, with the possibility of expanding into a larger equities exchange in the future.

The decision is part of N26’s strategy aim on winning European market share in the digital banking arena. With nine million FinTech banking clients driving strong demand for more access to crypto products as rival banks expand their crypto offers.

Sparkasse savings banks face vote on crypto

More than 400 Sparkasse (local bank) saving banks are set to vote on the implementation of a pilot scheme that would allow customers to buy Bitcoin (BTC) and also Ethereum (ETH) directly from their checking accounts.

In addition, S-Payment, a leading German IT infrastructure provider, has already dedicated a team to the concept’s development, and also with over 50 million consumers, a successful vote from independent banks might accelerate extraordinary growth among German cryptocurrency holders.

With the pilot ballot expected to be held early this year, the Sparkasse wallet could become a digital asset staple in Germany very soon.

By Elah Mae Ariate Wozinga Staff

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