Crypto Wave Gaining Momentum In Germany: Network Of 1,200 Banks To Offer Bitcoin

Deutsche WertpapierService Bank (Dwpbank), a provider of securities processing to approximately 1,200 banks in Germany, plans to launch a new platform called wpNex.

This platform will offer Bitcoin access to all affiliated retail customers in the latter half of 2023.

The innovative service will integrate cryptocurrency accounts with customers' existing bank accounts, bypassing the need for additional Know Your Customer procedures, local media outlet BTC-ECHO reported.

Wallet-as-a-service provider Tangany and Bankhaus Scheich's Tradias digital asset trading service will also be part of the new offering. Retail customers, however, will not possess private keys.

Dwpbank CEO Heiko Beck stated that the bank aims to include other cryptocurrencies, digital assets, and tokenized securities in the service in the future.

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MLB Banking became the first Dwpbank affiliate to join the platform and has already executed a transaction on it.

Paul Utzat, head of the account and securities processing at MLP Banking, said in a statement: "In our MLP customer portal, it is a logical addition to the existing wealth management offering."

Cryptocurrency accounts will be linked to euro cash accounts, enabling transactions without the need for a separate payments account.

Germany has earned a reputation as one of the most crypto-friendly countries globally.

In February, DZ Bank announced the addition of crypto to its asset management service.

DZ Bank is Germany's second-largest bank by assets and serves as a central institution for a network of cooperative banks with 8,500 branch offices.

However, German crypto bank Nuri closed its doors in November amid the cryptocurrency bear market, leaving half a million customers behind.

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