- Dwpbank CEO Heiko Beck stated that the bank plans to add other crypto, digital assets, and tokenized securities to the service in the future.
- MLB Banking is the first Dwpbank affiliate to sign on to the new platform
Deutsche WertpapierService Bank (Dwpbank) has announced the launch of its new platform called wpNex, which will enable over 1,200 affiliated banks to offer Bitcoin (BTC) trading to its retail customers.
In the official press release, Dwpbank CEO Heiko Beck stated that the bank plans to add other crypto, digital assets, and tokenized securities to the service in the future.
The service will feature crypto accounts alongside bank customers’ other accounts, as per an official press release. Dwpbank notes that the crypto accounts of users will be linked to euro cash accounts allowing the entire process to be more streamlined.
Wallet-as-a-service provider Tangany and Bankhaus Scheich’s Tradias digital asset trading service will also participate in the new offering. According to the press release, MLB Banking is the first Dwpbank affiliate to sign on to the new platform and has also initiated its first transaction.
“As part of the pilot deal, MLP bought bitcoin shares, which were then booked into the client’s crypto account managed by dwpbank”, the official statement reads.
Commenting on the development, Dr. Paul Utzat, Head of Account and Securities Processing at MLP Banking AG stated, “In cooperation with dwpbank, we would like to offer our customers the trade in cryptocurrencies in the future. In our MLP customer portal, it is a logical addition to the existing asset management offer.”
The latest development also comes amid reports that crypto adoption is spiking in Germany. Last month, DZ Bank, Germany’s second-largest bank in terms of asset size, announced the integration of digital currencies into its asset management services in collaboration with the digital asset firm Metaco.
The crypto economy rankings compiled by Coincub have put Germany as the most favorable crypto economy in the world in the third quarter of 2022. Germany is widely regarded as one of the strongest all-around “traditional-tax” crypto economies that reward long-term crypto holders. German law charges zero tax on crypto holdings of over a year.