In the second half of the year, German crypto investors will be able to trade crypto using the new platform wpNex.
Deutsche WertpapierService Bank (Dwpbank), a transaction bank handling the securities processing of over 5 million securities accounts, plans to launch a new platform, dubbed wpNex.
The new platform, launching in the second half of this year, will offer Bitcoin (BTC) trading to retail clients of all partner banks.
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According to local media sources, the new service aims to merge customers' existing bank accounts with their crypto accounts, avoiding the necessity of additional Know Your Customer (KYC) procedures.
Dwpbank's innovative solution will also incorporate Tangany and Bankhaus Scheich's digital asset trading service, Tradias. However, retail clients will not be granted access to private keys.
Based on Dwpbank CEO Heiko Beck, in the future, the bank plans to broaden the service's scope by adding support to other digital currencies, assets, and tokenized securities.
MLP Banking, the first Dwpbank affiliate to adopt the platform, has already executed a transaction using the wpNex platform. Paul Utzat, MLP Banking's Head of Account and Securities Processing, stated:
In cooperation with dwpbank, we would like to offer our customers trading in cryptocurrencies in the future. In our MLP customer portal, it is a logical addition to the existing wealth management offering.
It is worth noting that wpNex crypto accounts will be tied to euro cash accounts, permitting transactions to be processed without employing a separate payment account.
Germany is known for being one of the most accommodating countries towards cryptocurrency. In February, DZ Bank, the second-largest bank in the country by assets and a central institution for a cooperative network of banks, declared its intention to incorporate cryptocurrency into its asset management services.
In other Germany-related news, the country's largest industrial manufacturing company Siemens has issued a digital bond on a public blockchain.
