Deutsche WertpapierService Bank AG (dwpbank), a major securities processing company in Germany, has just made a major move into the world of cryptocurrency.
The company has launched wpNex, a new platform that will enable over 1,200 affiliated banks to offer Bitcoin trading to their retail customers. This development is seen as a major step forward for Bitcoin adoption in Germany, which is rapidly becoming a key player in the world of crypto.
With the wpNex platform, customers of affiliated banks will be able to seamlessly integrate crypto trading into their online banking experience. This means that they will be able to see their cryptocurrency holdings alongside their traditional securities, with no pre-funding necessary.
Financial planning advisory corporation MLP Banking AG has already become the first to offer crypto trading to its customers, with DZ Bank planning to offer a Bitcoin option by the end of the year.
According to dwpbank, the launch of wpNex will potentially put pressure on other German banks and financial institutions to meet the growing demand for convenient access to crypto trading and investing. In addition to Bitcoin, other digital assets like tokenized securities will be added to the platform in the near future.
The move has been widely praised within the crypto community, with Patrick Hansen, EU Strategy and Policy Director at Circle, a crypto-focused company behind the USDC stablecoin, noting that the move is ‘great news for Bitcoin’s adoption’.
With over 5.3 million securities accounts under management, dwpbank’s entry into the crypto space is a major development that is sure to have a significant impact on the future of cryptocurrency in Germany and beyond.
