Deutsche WertpapierService Bank AG has launched the wpNex platform enabling affiliated banks to offer bitcoin (BTC) trading to retail clients.
Deutsche WertpapierService Bank AG enables bitcoin trading for banks
Deutsche WertpapierService Bank AG (dwpbank), a key German player in the securities exchange controlling more than 5.3m securities accounts, on Mar. 22, launched wpNex. This new platform enables more than 1,200 affiliated banks to allow bitcoin (BTC) trading to their retail clients.
According to a report from the bank, customers’ online banking services can be easily integrated with cryptocurrency trading through the wpNex platform. Customers can view their bitcoin holdings alongside traditional securities without pre-funding.
MLP Banking AG to offer crypto trading services to retail clients in the second half of 2023
MLP Banking AG, a financial planning advisory company, has seized the chance to become the first to provide crypto trading to its clients.
According to Paul Utzat, head of account and securities settlement at MLP Banking, all retail customers will have access to the service in the second half of this year.
Additionally, DZ Bank aims to provide a bitcoin option for its clients by the end of the year. It is an essential step for establishing bitcoin in Germany. This organization is the second-largest bank in Germany by asset size and has roughly 8,500 branch offices nationwide. Germany was ranked as one of the most favorable countries in the world for crypto.
Nuri, a German cryptocurrency bank, ceased operations in November due to the stress of the crypto bear market. It had 500,000 customers who were asked to withdraw their funds.
On Mar. 24, when instability spread among European banks, Deutsche Bank shares dropped on the traditional finance side. According to reports, the asset management arm of Deutsche Bank, DWS, was in discussions with Tradias about investing in the service.
The wpNex platform from Dwpbank, which enables easy access to Bitcoin and other cryptocurrencies for retail consumers, is anticipated to revolutionize the German banking industry.
The network would allow smooth transactions by connecting cryptocurrency accounts to euro cash accounts, making it a favorite choice for many users. Unsurprisingly, more and more traditional financial institutions are looking into cryptocurrency due to the increasing demand for crypto services.