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It is expected that Dwpbank’s move will put pressure on other German banks and financial institutions in the country.
Deutsche WertpapierService Bank (Dwpbank), has launched a new platform called wpNex. The securities processing giant announced the launch via a recent press release on the new platform. According to the release, wpNex by Dwpbank will accommodate its over 1,200 affiliated banks and will allow them to offer Bitcoin (BTC) trading to their customers in the second half of this year.
Dwpbank Aims to Integrate Bitcoin Trading into Users’ Online Banking Experience
A local media report from Btc-echo.de suggests that the new service will feature crypto accounts alongside bank customers’ other accounts. This means that users will be able to see their crypto holdings alongside their traditional securities without further ‘Know Your Customer’ (KYC) procedures.
Meanwhile, some of the affiliated banks are already latching on to the opportunity created by Dwpbank. Its first affiliate to use the Bitcoin trading service is MLP Banking AG which has already performed a transaction on the platform, as of publication.
Paul Utzat, MLP Banking’s Head of Account and Securities Settlement, said in a statement:
“In our MLP customer portal, it is a logical addition to the existing wealth management offering.”
Other banks are already following in the footsteps of MLP by indicating their interest in the service as well. DZ Bank, for example, has said that it plans to offer a Bitcoin option for its customers by the end of the year. And if that happens, then it will be a major win for the establishment of Bitcoin in Germany, especially considering that DZ Bank is the second largest bank in Germany by asset size with nearly 8,500 branches spread across the country.
A look at Germany’s Bitcoin Friendliness
The role of Germany in the global adoption of Bitcoin can not be over-emphasized. And the new announcement regarding the wpNex platform is just a further attestation to the fact. In a recent tweet, Patrick Hansen, EU Strategy and Policy Director at Circle, noted that the move will greatly bolster the adoption of Bitcoin across the board.
Meanwhile, it is expected that Dwpbank’s move will put pressure on other German banks and financial institutions. This is as they strive to keep up with the growing demand for easy access to crypto trading and investment in general.