Great News for Bitcoin Adoption and Access in Germany as dwpbank Offers Crypto Trading to 1,200 Affiliates

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• Germany’s Deutsche Bank has pledged to offer Bitcoin trading to 1,200 affiliated banks.
• The bank is creating a new platform for this particular offer.
• More cryptocurrencies, digital assets and tokenized securities will be added in the future.

Deutsche WertpapierService Bank (dwpbank) has committed to offering Bitcoin trading to its affiliate banks through a new platform, wpNex, which will focus on BTC. The bank’s subsidiaries include around 1,200 banks in Germany, to which it offers securities processing services.

Local media reported that in addition to cryptocurrency accounts, the new service will offer other customer accounts without the need for additional KYC (Know Your Customer) procedures.

The first dwpbank subsidiary to sign up for the platform was MLB Banking, which has already successfully completed a transaction on it. Commenting on the same, Paul Utzat, Head of MLP Bank Accounts and Securities Processing said,

In our MLP client portal, it is a logical addition to the existing wealth management offer.

Other participants in the new offering include wallet-as-a-service provider Tangany and digital asset trading service Tradias from Bankhaus Scheich. Also, retail customers do not hold private keys.

More to come as Germany doubles down on becoming the most crypto-friendly country

Heiko Beck, CEO of dwpbank, disclosed that the bank was looking to add more products to the platform’s service reach in the future, including cryptocurrencies, digital assets and tokenized securities.

As crypto accounts are linked to euro cash accounts, users can transact on wpNex without third-party payment accounts. This means that crypto holdings will be integrated directly into customers’ online securities banking accounts.

As with securities, the current fiat account at the bank can also be used for clearing. Thus, no pre-financing is necessary. As a result, bank customers no longer need to undergo additional verification when opening their BTC pairs account. Accessing and exchanging bitcoins and crypto-assets can’t get much easier than this for people who don’t want to self-guard.

Notably, Germany ranks among the most crypto-friendly countries in the world and was the first to adopt a worldwide blockchain strategy. Interestingly, his political position in relation to cryptocurrencies was part of the agenda during the recent parliamentary discussion.

The country’s second-largest bank by assets, DZ Bank, announced in February that it was adding crypto to its asset management service. The bank is a key institution for a network of banking cooperatives, with up to 8,500 branches.

German financial market under pressure

Nonetheless, despite the country being a strong supporter of crypto, one of its crypto-banks, Nuri, shut down in November, citing stress from the crypto bear market. Nuri had 500,000 customers.

On the country’s traditional finance side, shares of Deutsche Bank plunged on March 24 as instability spread among European banks. Apparently, its asset management division was in talks with Tradias about investing in the service.