German Dwpbank Will Offer Crypto Trading To 1200 Partner Banks

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German Dwpbank

The 1,200 associate banks of Deutsche WertpapierService Bank (German Dwpbank) will be able to trade Bitcoin on a new platform that will be unveiled soon.

The securities processor intends to provide its affiliates with easy integration with their present products, and it has ambitions to expand the platform’s selection of digital assets. The German Dwpbank, which processes securities for almost 1,200 institutions, is introducing a brand-new platform named wpNex. In the second quarter of 2023, this platform will start selling Bitcoin (BTC) to retail users of its affiliates. Customers will be able to manage their cryptocurrency and other accounts with the new service, which will not call for any additional Know Your Customer requirements.

German Dwpbank Has New Crypto Plans

German Dwpbank will collaborate with pocket vendor Tangany and Bankhaus Scheich’s Tradias technology platform trading service to deliver this solution. Retail consumers will not need to keep their own private keys. The program will eventually include other cryptocurrencies, digital products, and tokenized securities, according to Dwpbank CEO Heiko Beck.

Paul Utzat, the head of accounts and equities processing at MLP Banking, said the platform has already seen use from MLP Banking, the first Dwpbank partner to sign up for it. With its MLP customer portal, Utzat claimed that integrating the network into its current wealth management product was a reasonable next step.

There is no need for a separate payment account for transactions between cryptocurrency and euro cash accounts. With DZ Bank stating in February that it will include cryptocurrency in its asset management service, Germany has been cited as one of the nations with the most conducive conditions for cryptocurrencies. DZ Bank serves as the hub for a system of bank co-ops and has 8,500 branch locations. By assets, it is the second-largest bank in Germany.