March 27, 2023

Germany’s Dwpbank Develops New Platform for Offering Bitcoin

Germany’s Dwpbank Develops New Platform for Offering Bitcoin Featured Image

DWPBANK

Deutsche WertpapierService Bank (Dwpbank), known for offering securities processing to around 1,200 banks in Germany, developed a new platform called wpNex, to provide the clients of its affiliates with Bitcoin in the second half of this year.

The new platform will not require additional Know Your Customer procedures. It also features crypto accounts besides the customers’ bank accounts, meaning that the crypto accounts are linked to euro cash accounts, according to Cointelegraph.

The BaFin-regulated Custody Service Tangany and Tradias, a digital asset trading service, are taking part in setting up wpNex.

Heiko Beck, the CEO of Dwpbank, said the new service will not be limited to offering Bitcoin only, but also digital securities, other tokenized assets, and other cryptocurrencies.

MLB Banking was the first Dwpbank affiliate to join the platform and has already performed a transaction on it. In this regard, Head of Account and Securities Processing at MLB Banking Paul Utzat said: “In cooperation with dwpbank, we would like to offer our customers trading in cryptocurrencies in the future. In our MLP client portal, it is a logical addition to the existing wealth management offering.”

In February, DZ Bank, the second-largest bank in Germany, announced it had added crypto to its asset management service.

A report by CoinHub, a digital asset management platform, said Germany topped the world’s crypto economies in the third quarter of 2022. Germany is not a tax haven, however, it is considered as of the strongest all-around ‘traditional-tax’ crypto economies that encourage long-term crypto investment.

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