The Dwpbank in Germany would roll out Bitcoin trading services for its affiliate banks on its new platform.
The crypto space in Germany was in for some positive news as the Deutsche WertpapierService Bank (Dwpbank) is reportedly creating a new platform to offer Bitcoin trading services to all retail customers of their affiliate banks. The platform, wpNex, will serve almost all the 1200 affiliate banks for which Dwpbank is a securities processor.
The customers of these banks will witness an additional crypto account along with their normal bank account without requiring extra compliances like Know Your Customer. CEO of Dwpbank, Dr. Heiko Beck, said, “Regardless of how individual cryptocurrencies develop: Digitized values will become increasingly important in the future. That is why we are expanding our range of services in this area and aligning our portfolio more closely to the future opportunities that are available here.” He also added that the bank would also include other cryptos and digital assets in the future.
The first affiliate of Dwpbank to join the platform, MLB banking, has implemented a transaction on wpNex. Paul Utzat, their accounts and securities processing head, has supported the platform and said it was a logical addition to their wealth management services. The service is made even easier since the accounts are linked to Euro cash accounts, removing the requirement for separate payment accounts.
Germany has emerged as a crypto-friendly country in the recent past with such initiatives. Dwpbank, being a leading securities service provider, could bring a huge boost to the crypto industry in the country with the latest move. Another reputed bank DZ Bank had also introduced crypto asset management services earlier.