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Over 1,200 German banks can now offer Bitcoin trading to their retail customers

Over 1,200 German banks can now offer Bitcoin trading to their retail customers

Deutsche WertpapierService Bank AG (dwpbank), a German securities processing giant that manages over 5.3 million securities accounts, has announced the launch of its new platform, wpNex, that enables over 1,200 affiliated banks to offer Bitcoin (BTC) trading to its retail customers.

According to the press release published on March 22, via the wpNex platform, crypto trading can be seamlessly integrated into the customer’s online banking experience. Customers can see their cryptocurrency holdings alongside their traditional securities, with no pre-funding necessary, reported.

MLP Banking AG, DZ Bank first in line

Financial planning advisory corporation MLP Banking AG has taken advantage of the opportunity to become the first to offer crypto trading to its customers. Paul Utzat, MLP Banking’s Head of Account and Securities Settlement, said that the service “will be available to all retail customers in the second half of this year.”

Furthermore, DZ Bank plans to offer a Bitcoin option for its customers by the end of the year, which can be seen as a solid step for Bitcoin establishment in Germany as this institution is the second largest bank in Germany by asset size with around 8,500 branch offices in the country.

A major player in the world of crypto?

In a tweet on March 24, Patrick Hansen, EU Strategy and Policy Director at Circle, a crypto-focused company behind the USDC stablecoin, noted that the move is ‘great news for Bitcoin’s adoption’.

As per the announcement, with the wpNex platform, dwpbank ‘is setting the stage for Germany to become a major player in the world of crypto’. The company has also clarified that other digital assets like tokenized securities will be added in the near future.

Dwpbank’s move will potentially put pressure on other German banks and financial institutions to meet the growing demand for convenient access to crypto trading and investing.

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