Volksbank and Sparkasse are opening up to cryptocurrencies

Frankfurt The crash in the crypto market is dramatic – and it has resulted in large losses for many investors. The oldest and most important cryptocurrency Bitcoin alone has lost more than half its value since its record high in November 2021. These violent fluctuations are one reason why most traditional banks are reluctant to offer digital currencies and other crypto assets to their customers.

But now the first institutes are discarding their reluctance – despite the slump that some commentators are comparing to the collapse of investment bank Lehman Brothers that triggered the 2008 financial crisis.

Three small cooperative banks and a savings bank are now working together with the Stuttgart Stock Exchange to enable their own customers to buy cryptocurrencies. They forward their customers via a link to the BSDEX crypto trading platform of the Stuttgart Stock Exchange and receive a commission if they become active there.