German Bank Dwpbank Makes Launches wpNex, Will Enable 1,200 Banks to Trade in Bitcoin

Photo by Christian Wiediger on Unsplash

A brand new trading platform known as wpNex has been introduced by Deutsche WertpapierService Bank (Dwpbank). The massive securities processing company issued a press release (1) not long ago in which it announced the launch of the new platform.

According to the press release, wpNex by Dwpbank will support its more than 1,200 connected banks and will make it possible for those banks to make Bitcoin (BTC) trading available to their customers in theH2ย of this year.

 

Dwpbank’s End Goal Is to Make Bitcoin Trading Part of Its Customers’ Regular Online Banking Experience

According to a report published by a local media outlet at Btc-echo.de, the new service is expected to offer cryptocurrency accounts in addition to the client’s other accounts.

Users will be able to view their crypto assets alongside their regular equities without having to go through any additional ‘Know Your Customer’ (KYC) requirements as a result of this development.

During this time, a number of connected financial institutions have already begun capitalizing on the opportunities presented by Dwpbank. MLP Banking AG, the company’s initial affiliate, is the one that started using the Bitcoin trading service.

As of the time this article was published, MLP Banking AG had already completed a transaction on the site.

The following was stated in a statement by Paul Utzat, Head of Account and Securities Settlement for MLP Banking:

It is a natural extension of the wealth management services that are already provided through the MLP customer portal.

Several banks are already showing interest in the service, following in MLP’s footsteps by saying that they would be interested in providing it.

For instance, DZ Bank has stated that it intends to provide its customers with the opportunity to transact in Bitcoin before the end of this year.

And if that occurs, it will represent a significant victory for the institution of Bitcoin in Germany, especially when considering that DZ Bank is the second biggest bank in Germany by total assets and has nearly 8,500 branches spread out across the country.

 

How Bitcoin-friendly in Germany?

It is impossible to overstate the significance of Germany’s part in the spread of bitcoin usage around the world.

The recent statement in reference to the wpNex platform is merely one additional piece of evidence that supports this assertion.

Patrick Hansen, who serves as the EU Strategy and Policy Director at Circle, stated in a recent tweet that the action would significantly strengthen the acceptance of Bitcoin across the board.

In the meanwhile, it is anticipated that the action taken by Dwpbank will place pressure on other financial institutions and banks located in Germany.

This is because they are making an effort to stay up with the increased demand for easy access to cryptocurrency trading and investment in general.

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