Bitcoin and Co.: Sharp Competition: Volksbanken Open Up to Crypto
The competition in cryptocurrency trading is increasing: Volksbanken want to attract primarily younger customers with their own offerings. What's behind the new strategy?
German cooperative banks, known as Volksbanken, are increasingly supporting their customers in trading cryptocurrencies like Bitcoin and Ether. According to a survey by the Genoverband, 6% of the cooperative institutes are already in the market, while another 26% plan to introduce a solution for cryptocurrency trading within the next five months.
The survey, which involved 196 institutes, suggests that over half of the institutes in the association's area are likely to offer cryptocurrency trading to interested customers within the next two years. The Genoverband's CEO, Michael Hoeck, stated that the institutes want to provide an attractive offer to customers, especially young ones, and prevent competitors from dominating the market.
Many banks expect increased competition, with 54% of those surveyed predicting a strong or very strong intensification of the competition for deposits.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
