The Deutsche WertpapierService Bank AG (dwpbank), Germany’s leading securities services institution, has announced a significant breakthrough that will soon allow approximately 1,200 German banks and savings institutions to offer Bitcoin and a range of other digital assets to their customers. The dwpbank’s new wpNex platform provides all affiliated banks with the opportunity to incorporate cryptocurrency services for their clients.
MLP Banking AG will be the first institution to launch the new crypto offering. Dr. Paul Utzat, Head of Account and Securities Settlement, stated: “In collaboration with dwpbank, we aim to offer our customers the ability to trade cryptocurrencies in the future. In our MLP customer portal, it is a logical addition to our existing wealth management offerings.”
Utzat announced that this service is planned for all retail customers in the second half of the year. The wpNEX platform from dwpbank allows for seamless integration of crypto trading into customers’ online banking. Bank and savings bank customers will be able to view their crypto accounts alongside their securities portfolios, with their cryptocurrencies securely stored.
Customers can use their existing current accounts at their primary banks for settlement purposes, eliminating the need for pre-funding. Additionally, customers will not be required to undergo further verification when opening a crypto account.
To ensure maximum security, the BaFin-regulated custody service Tangany (custody of private keys) will be utilized, while Bankhaus Scheich / tradias will handle the execution of exchange orders and pricing. The software service provider Valantic will also offer additional support.