Germany’s Dwpbank will Offer Bitcoin Trading Services
- The Deutsche WertpapierService Bank (Dwpbank) has announced the creation of a new platform called wpNex to allow customers to trade Bitcoin (BTC).
- The service will feature crypto accounts alongside bank customers’ other accounts and therefore, customers won’t have to undergo KYC twice.
- Wallet-as-a-service provider Tangany and Bankhaus Scheich’s Tradias digital asset trading service are also playing vital roles in the new platform.
- There are plans to add other cryptocurrencies, digital assets, and tokenized securities to the service in the future, confirmed CEO Heiko Beck.
- Retail customers will not hold their private keys as well.
In an interesting turn of events amid the prevailing banking crisis in the United States, Bitcoin (BTC), the world’s largest crypto coin, has emerged as a safe haven for many institutions. Interestingly, the Deutsche WertpapierService Bank (Dwpbank), a German bank that operates around 5.34 million securities accounts, has announced that it will offer Bitcoin (BTC) trading services to its retail customers on a new platform that it is creating.
As per a report, in a press conference held by Dwpbank, it was revealed that the new platform called wpNex will enable all affiliated banks to offer their customers Bitcoin and various other digital assets. On the other hand, the service will feature crypto accounts alongside bank customers’ other accounts, and as a result, customers won’t have to undergo the KYC, or know-your-customer, process twice.
It is also crucial to note that wallet-as-a-service provider Tangany and Bankhaus Scheich’s Tradias digital asset trading service are also playing vital roles in the new platform announced by Dwpbank. Furthermore, retail customers will not hold their private keys, and there are plans to add other cryptocurrencies, digital assets, and tokenized securities to the service in the future, according to Dwpbank CEO Heiko Beck.
Another important fact to mention here is that MLB Banking is the first Dwpbank affiliate to sign on to the platform and it also has initiated its first transaction. Paul Utzat, Head of Account and Securities Processing, commented on the event by saying:
“In cooperation with dwpbank, we would like to offer our customers the trade in cryptocurrencies in the future. In our MLP customer portal, it is a logical addition to the existing asset management offer.”
Additionally, the crypto accounts of users will be linked to euro cash accounts so that it is not a hassle for users to deposit money in the crypto accounts making the entire process streamlined. This announcement comes at a time when research reports have named Germany as one of the most crypto-friendly countries around the globe.
As reported earlier by BitcoinWisdom, a physical Bitcoin-backed ETN started trading on the Deutsche Börse XETRA Exchange, and German investors were able to get direct exposure to Bitcoin’s price action without actually including the leading cryptocurrency in their portfolio.
Furthermore, DZ, the second-largest bank in terms of asset size in Germany, recently announced that it fully integrated digital currencies into its asset management services. In order to do so, the firm collaborated with digital asset firm Metaco.