German €1T Savings Banks Association Shows Interest in Crypto
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Dec. 13, 2021

The German Savings Banks Association, a group of the banks which hodls over €1 trillion in assets under management, is demonstrating interest to offer a wallet for cryptocurrency trading, Reuters reports. A spokesperson for the association admitted that the interest in cryptocurrencies is "huge." However, no decision had been taken yet, the spokesperson noted.

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Earlier in September, Union Investment, an investment arm of the DZ Bank Group and part of the cooperative financial services network, announced plans to allow its private clients to invest in bitcoin (EXANTE: Bitcoin) and other cryptocurrencies. The move came after the Bundestag passed the bill that allows institutional clients with a minimum volume of €10 million euros put up to 20% of their balance sheet in crypto.

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Portfolio manager, Daniel Bathe, said that the fund was considering adding bitcoins "in small amounts of 1% to 2% maximum to a handful of other funds for private investors." While the exact date remains unknown, Bathe added that the fund might open the new service in Q4 this year. As of June 2021, Union Investment had €427.2 billion in assets under management.

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