Deutsche WertpapierService Bank AG, a major player in Germany’s securities exchange with over 5.3 million securities accounts, has launched a new platform called wpNex.
The platform will enable more than 1,200 affiliated banks to offer bitcoin trading to their retail clients. Customers’ online banking services can be easily integrated with cryptocurrency trading through the wpNex platform, and they can view their bitcoin holdings alongside traditional securities without pre-funding.
MLP Banking AG, a financial planning advisory company, plans to offer crypto trading services to its retail clients in the second half of 2023. This move will make MLP Banking the first company in Germany to provide crypto trading services to its customers. DZ Bank, the second-largest bank in Germany by asset size, also aims to provide a bitcoin option for its clients by the end of the year.
Although Nuri, a German cryptocurrency bank, ceased operations in November due to the stress of the crypto bear market, traditional financial institutions in Germany are increasingly exploring cryptocurrency due to rising demand for crypto services.
The wpNex platform from Dwpbank is expected to revolutionize the German banking industry, making cryptocurrency more accessible to retail consumers. The network would allow smooth transactions by connecting cryptocurrency accounts to euro cash accounts, making it a favorite choice for many users.
Deutsche Bank’s asset management arm, DWS, was reportedly in discussions with Tradias about investing in the service. However, on March 24, Deutsche Bank shares dropped on the traditional finance side due to instability spreading among European banks. Nevertheless, the trend towards cryptocurrency in Germany appears to be continuing.