Traditional savings institutions now facilitate Bitcoin and cryptocurrency trading!
In a significant shift for the financial industry, the United States has given the green light to Bitcoin-Spot-ETFs, opening the door for more mainstream investment in cryptocurrencies. This decision comes as no surprise as established financial institutions across the globe, including those in Germany, have been increasingly integrating crypto trading services.
German banks such as Solarisbank and Vivid Money have announced their intentions to offer Bitcoin and other cryptocurrency trading to their customers. Traditional banks are also jumping on the bandwagon, with Solarisbank providing infrastructure for crypto services and fintech platforms collaborating with banks to enable crypto trading for retail customers. However, a comprehensive official list of all banks with such announcements could not be found in the provided sources.
JPMorgan, one of the world's leading financial institutions, is reportedly working on accepting Bitcoin-Spot-ETFs as collateral. This move follows the US government's establishment of a strategic Bitcoin reserve, indicating a growing recognition of the cryptocurrency's potential.
DZ Bank, the central bank for German cooperative banks, has also joined the crypto revolution, offering services for trading and storing Bitcoin and cryptocurrencies to private customers. The Sparkassen, which are planning to allow customers to trade Bitcoin and cryptocurrencies, will facilitate this trading through DekaBank, a subsidiary that is 100% owned by the Sparkassen.
This move is in response to customer demand and the legal framework set by the European MiCAR regulation. Despite the Sparkassen's critical stance towards cryptocurrencies, viewing them as highly speculative investments, they acknowledge the need to cater to their customers' interests. The offering will not be actively promoted but will be accessible via the Sparkasse app.
Customers will be informed about the risks associated with trading cryptocurrencies, including the possibility of total loss. The crypto offering is expected to be developed within the next twelve months. These developments suggest that in the short or long term, no one may be able to avoid Bitcoin.
Even JPMorgan's CEO, Jamie Dimon, who initially expressed skepticism towards Bitcoin, has softened his stance. He now defends the right to buy it, indicating a shift in the perception of cryptocurrencies within the financial industry. These developments underscore the growing acceptance of Bitcoin and cryptocurrencies as legitimate investment options.
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