Germany’s dwpbank Launches wpNEX Platform Enabling Over 1,000 Banks to Offer Crypto Services

Germany is set to join the growing trend of cryptocurrency adoption as Deutsche WertpapierService Bank AG (dwpbank) announced the launch of a new platform called wpNEX. This will enable over a thousand German banks and savings banks to offer Bitcoin and other digital assets to their customers. MLP Banking AG will be the first bank to offer crypto trading through wpNEX in the second half of this year.

According to Dr. Paul Utzat of MLP Banking AG, cryptocurrency trading is a natural extension of their existing asset management services. Customers will be able to integrate their crypto holdings into their online banking portal seamlessly. There is no need for pre-funding, and customers will not have to go through an additional verification process when opening a crypto account.

Tangany, a BaFin-regulated custody service, will be responsible for storing private keys, while Bankhaus Scheich/tradias will handle order execution and price setting. Software provider Valantic will also support the platform.

DZ Bank, the central institute for all around 800 Volksbanks in Germany, has already announced plans to offer Bitcoin trading to its customers by the end of the year. However, there is no clear indication yet as to whether Sparkassen, the German savings banks, will join in on this trend. Nonetheless, the introduction of wpNEX and the new crypto trading services it enables, puts pressure on other financial institutions to start catering to the growing demand for cryptocurrencies in Germany.

According to Dr. Heiko Beck, CEO of dwpbank, the platform will enable banks to offer other digital assets in the future, such as tokenized securities. With wpNEX, Germany is taking a major step towards becoming a leader in the adoption of cryptocurrencies and blockchain-based technologies.