Deutsche WertpapierService Bank (Dwpbank), which provides value processing to around 1,200 banks in Germany, is creating a new platform, wpNex, which will offer Bitcoin (BTC) to all of its affiliates’ retail clients in the second half of this year.
The new service will feature crypto accounts alongside other bank customer accounts and will not require additional Know Your Customer procedures, according to local media reports.
Wallet-as-a-service provider Tangany and Bankhaus Scheich’s Tradias digital asset trading service will also participate in the new offering. Retail customers will not have private keys. Heiko Beck, CEO of Dwpbank saying the bank planned to add other cryptocurrencies, digital assets, and tokenized securities to the service in the future.
MLB Banking was the first Dwpbank affiliate to log into the platform and has already made a transaction on it. MLP Banking’s head of account and securities processing, Paul Utzat, saying in a sentence:
“On our MLP client portal, it’s a logical addition to the existing wealth management offering.”
Crypto accounts are linked to euro cash accounts, so transactions can be made without going through a separate payment account.
Related: Almost Half of Germans Will Invest in Crypto: Report
Germany has been named one of the most favorable countries in the world for cryptocurrencies. DZ Bank announced in February that it would add crypto to its asset management service. DZ Bank is Germany’s second largest bank by assets and a central institution for a network of cooperative banks with 8,500 branches.
great news for #BTC adoption and access in
Through its new wpNex platform, dwpbank will enable up to 1,200 German banks to offer #Bitcoin trading, and soon more crypto assets.
Cryptocurrency holdings will be integrated into clients’ online banking securities account.
—Patrick Hansen (@paddi_hansen) March 24, 2023
German crypto bank Nuri, however, closed in November under pressure from the crypto bear market. He had half a million customers. On the traditional finance side, Deutsche Bank shares tumbled on March 24 as instability spread among European banks. Deutsche Bank’s asset management arm DWS was reportedly in talks with tradias about investing in the service.
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