Over 1200 German Banks Now Offer Retail Bitcoin Trading

March 26, 2023 10:20 am Comments

German securities processing giant, Deutsche WertpapierService Bank AG, just revealed  that it has launched a new platform called wpNex that essentially allows over 1200 banks to offer retail Bitcoin trading services.

This is a huge milestone when it comes to achieving mainstream adoption because the company manages over 5.3 million securities accounts.

By allowing immediate access to Bitcoin on all of those accounts, the total customer base just grew significantly in a very short amount of time.

Additionally, since the platform is all setup and ready to go for affiliated banks to use, it is very likely that many of these banks will also join in on the crypto trend given that demand from clients is at an all time high.

This is especially true since the banking crisis that happened this month where crypto saw an increased demand from financial institutions.

FinBold reports:

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, Btc-echo.de reported.

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.

The best part of the news is that the customers don’t even have to create a new account or do anything extra in order to access the retail Bitcoin trading services.

It is already integrated into their existing securities accounts and this could be something that many other firms around the world might do as well.

The firm has also revealed that other major digital assets may be included on the platform in the future besides just Bitcoin.

So far, Germany has been known to be one of the countries within the EU to be the most favorable for crypto when it comes to the regulation environment.

CoinTelegraph concludes:

MLB Banking was the first Dwpbank affiliate to sign on to the platform and has already performed a transaction on it. MLP Banking’s account and securities processing head, Paul Utzat, said in a statement:

“In our MLP customer portal, it is a logical addition to the existing wealth management offering.”
Crypto accounts are linked to euro cash accounts, so transactions can take place without going through a separate payments account.

Germany has been named one of the world’s most favorable countries for crypto. DZ Bank announced in February that it was adding crypto to its asset management service.

DZ Bank is Germany’s second-largest bank by assets and a central institution for a network of bank coops with 8,500 branch offices.

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