Savings banks create access to cryptocurrencies for private customers

Frankfurt/Berlin. After much hesitation, German savings banks are also offering their customers access to cryptocurrencies such as Bitcoin and Ether upon request. Dekabank, which is wholly owned by the savings banks, is developing an offering for the savings banks group, which individual institutions can access as needed. This is scheduled to be implemented within a year. However, the public-sector institutions do not intend to actively promote investments in crypto assets.

This approach was agreed upon by the Executive Board of the German Savings Banks Association (DSGV). This supreme governing body includes the DSGV Executive Board, headed by President Ulrich Reuter, as well as the presidents of the regional savings bank associations, the heads of the state banks, and representatives of the municipal associations.

"The Sparkassen Financial Group will provide reliable access to a regulated crypto offering – for all those customers who make a conscious and informed decision to invest in digital assets," a DSGV spokesperson explained in response to a query. The demand is there. "That's why we will enable interested self-decision makers to access Dekabank's crypto offering via the Sparkasse app in the future."

However, this does not change the critical stance of the Savings Banks Finance Group, the DSGV spokesperson emphasized: "Cryptocurrencies are highly speculative investments." However, those who consciously decide to make such an investment should be able to do so within a secure, regulated framework. "Customers are transparently informed about risks – including the potential for total loss."

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The digital Bitcoin coins are created through computational processes that become increasingly complex over time – also because the maximum number of cyber units is limited to 21 million coins. Investors generally remain anonymous, but transactions are visible on the public database (blockchain). The price of Bitcoin fluctuates significantly. Central bankers do not consider such crypto tokens to be a proper currency and warn of the risks of speculative bubbles. In their view, there is no control by a central bank or a state.

Cooperative banks are already further ahead in offering cryptocurrency trading for private customers: A pilot phase with six Volksbanken (Nuremberg, Würzburg, Hanover, Rottal-Inn, the Southern Palatinate, and the Westerwald) has been running since the end of 2024. DZ Bank, which provides the technical platform, expects the Volksbanken and Raiffeisenbanken to be able to offer cryptocurrency trading to their private customers on a broad scale starting this summer. The vast majority of the 670 or so institutions had expressed interest in the service in the past.

The Savings Banks Association had already put the brakes on in mid-2022: "It is the task of savings banks to protect customers from incalculable risks," the DSGV stated at the time. "Therefore, the committees recommend that the institutions of the Savings Banks Finance Group not offer trading in cryptocurrencies."

Neobanks such as N26, Trade Republic and Revolut, on the other hand, have been enabling trading in cryptocurrencies for some time.

This year, the price of Bitcoin, the oldest and most well-known digital currency, has repeatedly reached record highs – thanks in part to US President Donald Trump, who has raised hopes that regulations will be relaxed. In the past twelve months alone, Bitcoin has risen sharply, gaining 77 percent.

Proponents see Bitcoin as a kind of digital gold and, at least in the long term, a hedge against inflation. Critics complain, among other things, about the high energy consumption required to operate the system and point to high price volatility.

RND/dpa