Deutsche WertpapierService Bank (dwpbank), which provides securities processing to some 1,200 banks in Germany, is creating a new platform, wpNex, which will offer Bitcoin (BTC) to all retail clients of its subsidiaries in the second half of this year.
The new service will include cryptocurrency accounts alongside the bank’s other 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. Dwpbank CEO Heiko Beck has saying that the bank plans to add other cryptocurrencies, digital assets, and tokenized securities to the service in the future.
MLB Banking was the first dwpbank affiliate to join the platform and has already completed one transaction on it. MLP Banking Account and Securities Processing Manager, Paul Utzat, he claimed it’s a statement:
“On our MLP client portal, it’s a logical addition to the existing wealth management offering.”
Cryptocurrency accounts are linked to euro cash accounts, so transactions can be made without going through a separate payment account.
Germany has been named one of the best countries in the world in terms of regulation for cryptocurrencies. DZ Bank announced in February that incorporated cryptocurrencies at your 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, the dwpbank will allow up to 1200 German banks to offer #Bitcoin trading – and soon more crypto-assets.
The crypto holdings will be integrated into the customers’ online banking securities account.
—Patrick Hansen (@paddi_hansen) March 24, 2023
The German bank-crypto Nuri, however, closed in november under the pressure of the cryptocurrency bear market. He had half a million customers. As far as traditional finance is concerned, stocks of Deutsche Bank collapsed on March 24 as instability spreads among European banks. Apparently, Deutsche Bank’s asset management division, DWS, was in talks with tradias to invest in the service.
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