The move by Dwappbank is expected to put pressure on other German banks and financial institutions in the country.
Deutsche WertpapierService Bank (Dwpbank) has launched a new platform called wpNex. The Securities Processing Giant Recently Announced The Launch Of Press release on the new platform. According to the release, WPNX by DWPBank will accommodate over 1,200 of its affiliated banks and allow them to offer bitcoin (Bitcoin).B T c) business to its customers in the second half of this year.
Dwpbank aims to integrate bitcoin trading into users’ online banking experience
a local media reports Btc-echo.de reveals that the new service will feature bank customers’ crypto accounts alongside other accounts. This means users will be able to view their crypto holdings alongside their traditional securities without ‘know your customer’ (KYC).KYC) processes.
Meanwhile, some of the affiliated banks are already taking advantage of the opportunities created by Dwpbank. Its first affiliate to use the bitcoin trading service is MLP Banking AG, which has already transacted on the platform as of publication.
Paul Utjat, Head of Accounts and Securities Settlement, MLP Banking, said in a statement:
“In our MLP client portal, it is a logical addition to our existing wealth management offering.”
Other banks are already following the footsteps of MLPs and showing their interest in the service as well. For example, DZ Bank has said it plans to offer bitcoin options to its customers by the end of the year. And if it does, it would be a huge win for the bitcoin establishment in Germany, especially considering that DZ Bank is Germany’s second largest bank by asset size, with around 8,500 branches nationwide. are spread.
A Look at Germany’s Bitcoin Friendliness
The role of Germany in driving the global adoption of bitcoin cannot be over-emphasized. And the new announcement about wpNex platform is another proof of this fact. recently doPatrick Hansen, EU strategy and policy director at Circle, said the move would go a long way in driving bitcoin adoption across the board.
Meanwhile, it is expected that Dwpbank’s move will put pressure on other German banks and financial institutions. This is because they try to meet the growing demand for easy access to crypto trading and investing in general.
Maiowa is a crypto enthusiast/writer whose conversational character is quite evident in his writing style. He firmly believes in the potential of digital assets and takes every opportunity to reiterate this. He is also an avid reader, a researcher, an astute speaker and a budding entrepreneur. However, away from crypto, Mayowa’s distractions include discussing soccer or world politics.
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