Dwpbank wants to bring German banks to crypto

Deutsche WertpapierService Banka transactional bank which serves more than 1000 actors from banking sector in Germany, unveiled a platform allowing its partners to offer crypto services to their customers.

As a transaction bank, Deutsche WertpapierService Bank handles the processing of securities for numerous financial institutions in Germany.

Earlier this week, at a conference in Frankfurt, dwpbank announced the launch of a platform called wpNex and offering its affiliated institutions the opportunity to provide services related to cryptocurrencies to their own customers.

Through this initiative, the bank founded in 2003 and majority-owned by DZ Bank wants to bring together traditional financial securities and digital assetsdwpbank occupies a central position in the German financial market, managing more than 5 million securities accounts and serving nearly 1,200 financial institutions in the country.

The bitcoin trading is the first service included in the white label solution wpNex.

Bitcoin, as the established crypto-currency with the largest market capitalization in the world, offered the best conditions for the pilot, but will not remain the only digital asset we make available for trading,” said Dr. Heiko Beck, the boss of dwpbank.

MLP Banking AG was the first partner to test the platform. “ In cooperation with dwpbank, we would like to offer our clients the ability to trade crypto-currencies in the future. In our MLP client portal, this is a logical addition to the existing wealth management offering,” explained an executive of the company, which plans to officially launch the service later this year.

The wpNex platform is supported by Bankhaus Scheichwhich executes the orders, and Tanganyas a depository for the bitcoins. It will gradually be made available to the bank’s partners.

In December, the German financial watchdog indicated that comprehensive regulation of the crypto industry was needed. “We have seen the world self-regulated. This will not work,” BaFin argued.

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