German bank Deutsche WertpapierService Bank (Dwpbank), which provides securities processing to around 1,200 banks in Germany, is set to launch a new platform called wpNex in the second half of this year. The platform will enable Dwpbank affiliates’ retail customers to access Bitcoin without additional Know Your Customer procedures. Tangany and Tradias digital asset trading service will also participate in the new offering. In the future, Dwpbank plans to add other cryptocurrencies, digital assets, and tokenized securities to the service.
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MLP Banking has become the first Dwpbank affiliate to sign up to the platform, and its account and securities processing head, Paul Utzat, said the new service is “a logical addition to the existing wealth management offering.” The new service will feature crypto accounts alongside bank customers’ other accounts, linked to their euro cash accounts, so transactions can take place without going through a separate payments account. Retail customers will not hold private keys.
Germany has been named one of the most favorable countries for crypto. DZ Bank, the second-largest bank by assets in Germany, announced in February that it was adding crypto to its asset management service. However, German crypto bank Nuri shut down in November 2021 under stress of the crypto bear market, despite having half a million customers. On the traditional finance side, Deutsche Bank shares plummeted in March 2022 as instability spread among European banks. Deutsche Bank asset management division DWS was reportedly in talks with Tradias on investment in the service.
