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Germany’s largest savings bank, which holds more than € 1 trillion for thrifty Germans, is exploring the possibility of offering a wallet for cryptocurrency trading, their group said on Monday.
The project marks a potentially radical departure from the traditional position of the group, whose clients continue to use cash and avoid risky investments or large loans.
They are trusted by the savings and investments of approximately 50 million customers and constitute the largest financial group in Germany.
“The interest in cryptoassets is huge,” said a bank spokesman.
The German magazine Capital was the first to report this.
The move comes amid high inflation and fines levied on banks and depositors, fueling a heated debate in Germany about the central bank’s printing money.
This prompted the Germans to invest more in property and other properties to avoid what some have dubbed “seizure” of their wealth.
Last month Helmut Schleweis, president of the German Savings Banks Association, called the combination of low interest rates and rising prices “a toxic mixture,” saying wealth erosion has become more difficult to stem.
Bitcoin, the world’s largest cryptocurrency with a market capitalization of $ 1.2 trillion, has grown strongly, in part due to inflation concerns, and its limited supply is seen as a defense.
Bitcoin also has dozens of smaller competitors, most of which use little other than trading, and all of them are fighting for a share of the $ 2 trillion digital currency market.
Among the main “altcoins” – as all cryptocurrencies are known. Besides Bitcoin, some, like Ethereum, are aiming to become the backbone of the future financial system. Others, like Dogecoin, are hardly ever used in payments.
For retail players who invest in them, the inherent volatility that exposes them to potentially large losses often matters little. Instead, they see a quick profit opportunity.
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