Deutsche WertpapierService Bank AG (dwpbank), the German securities processing giant that manages more than 5.3 million securities accounts, has announced the launch of its new platform called wpNex, which will enable more than 1,200 affiliated banks to trade Bitcoin (BTC). offer to your residential customers.
Posted on March 22 Press release via the wpNex platform, crypto trading can be seamlessly integrated into customers’ online banking experience. Customers can see their cryptocurrency holdings in addition to their traditional securities.
There are also the first German banks that take advantage of this opportunity
MLP Banking AG, a financial planning consulting company, seized the opportunity and was the first to offer crypto trading to its clients. Paul Utzat, head of account and securities settlement at MLP Banking, said the service “it will be available to all residential customers in the second half of the year”. However, MLP is negligible in terms of size, its sales revenue in 2020 was 745 million euros and it employed around 1,800 people.
The other, much more dominant than MLP, is DZ Bank, which plans to offer bitcoin options trading to its clients by the end of the year, which can be considered a solid step for the domestication of Bitcoin in Germany, as it is the second largest institution by asset size and has around 8,500 branches. operates in the country.
According to the announcement, with the new wpNex platform, dwpbank “creates the conditions for Germany to become one of the main players in the crypto world”. The company also clarified that in the near future it will expand its offer with other digital assets, such as tokenized securities.
dwpbank’s move will potentially put pressure on other German banks and financial institutions to meet the growing demand for convenient access to crypto trading and investing in Germany.
dwpbank’s offer also includes custody of the digital asset through the custody service company Tangany, however, the banks will not provide their customers with private key access.
