Over 1,200 German banks may now offer regular customers Bitcoin trading
The German securities processing behemoth Deutsche WertpapierService Bank AG (dwpbank) has announced the introduction of its new platform, wpNex, which will allow its 1,200 linked banks to provide Bitcoin (BTC) trading to its retail consumers.
According to the March 22 news release, the wpNex platform enables seamless integration of cryptocurrency trading into customers’ online banking experience. Btc-echo revealed that customers might see their crypto holdings alongside their regular assets without pre-funding.
MLP Banking AG has seized the chance to become the first financial planning advisory firm to provide crypto trading to its clients. Head of Account and Securities Settlement at MLP Banking, Paul Utzat, said the service “will be available to all retail customers in the second half of this year.”
Moreover, DZ Bank intends to provide a Bitcoin alternative to its clients by the end of the year, which may be seen as a significant step for Bitcoin’s development in Germany, given that this institution is the second biggest bank in Germany by asset size and has around 8,500 branches.
Patrick Hansen, EU Strategy and Policy Director at Circle, the startup behind the USDC stablecoin, tweeted on March 24 that the action is “excellent news for Bitcoin’s adoption.”
According to the release, dwpbank ‘is laying the groundwork for Germany to become a significant participant in cryptocurrencies’ with the wpNex platform. The business has also emphasized that tokenized securities and other digital assets will be included shortly.
Dwpbank’s action might pressure other German banks and financial organizations to accommodate the rising demand for easy crypto trading and investment access.