Deutsche WertpapierService Bank, a securities processing German company, will offer its partners the ability to smoothly integrate its current offerings with their own.
It also plans to eventually introduce additional digital assets in the future.
Dwpbank to Offer Bitcoin Trading to 1200 Affiliate Banks
The bank that offers services to approximately 1200 banks in the country is in the process of developing a new platform called wpNex.
The new platform will make Bitcoin available to all retail customers of Dwpbank’s affiliates during the latter half of the current year.
This is the bank’s way of adapting to the growing crypto trend and catering to the needs of its customers.
Local media reports state that the upcoming service will incorporate crypto accounts into the existing accounts of bank customers.
Furthermore, it will not mandate additional Know Your Customer procedures since customer verification can become time-consuming and tedious.
This means alongside traditional banking services customers can use cryptocurrency as well, which is a step in the direction of digital technology.
Dwpbank Partners with Tangany and Tradias for New Cryptocurrency Offering
The crypto asset trading services of the like of Tradias, Bankhaus Scheich, and Tangany’s crypto will also be collaborating in Dwpbank’s new initiative.
These are all cloud-based platforms for storing and managing digital assets while giving users access to crypto wallets.
Retail customers will not have access to their private keys. The bank’s CEO, Heiko Beck, revealed that down the line the bank intends to include additional crypto tokens other than bitcoin, digital assets, and tokenized securities.
MLP Banking Becomes First Dwpbank Affiliate to Use New Crypto Service
The first bank to join hands with Dwpbank and initiate the transaction is MLP Banking. The bank enrolled on the platform and has already conducted a transaction on it.
According to Paul Utzat, the inclusion of this offering into the existing wealth management options was a natural progression for MLP. Utzat is the Head of Account and Securities Processing at MLP Banking.
The crypto accounts are connected to euro cash accounts, allowing transactions to be conducted without the need for a separate payment account.
DZ Bank Dives Into Crypto Services
Another bank that has taken to adapt to the needs of the ever-growing crypto industry is the DZ Bank.
This is the second-largest bank in Germany in terms of assets and therefore, has the ability to be called the trendsetter.
By embracing crypto, DZ is recognizing its customer’s needs evolving with the current craze. It is also known as the central institution that oversees a cooperative network of banks, having a network of 8,500 branches.
The bank disclosed last month that it was incorporating crypto into the bank’s asset management service.
Due to the strain caused by the crypto slum last year, Nuri which is a German crypto bank ceased operations in November. It shut down in spite of having half a million customers.
Meanwhile, on the conventional finance front, the stocks of Deutsche Bank experienced a sharp decline as shares fell yesterday.
This was owing to the fact that the European Banks were seized amidst unpredictability, volatility, and instability.
The asset management division of Dwpbank, DWS, was seemingly discussing investment in the service with tradias.
Cryptocurrency Continues to Gain Popularity amongst German Banks
Germany has been recognized as one of the most crypto-friendly nations globally. As already mentioned many traditional banks have begun to embrace digital assets.
Some banks have even gone to the extent of introducing and developing new programs in order to adapt to the digital asset class.
With the global banking crisis on the rise, such an adoption by conventional banks was long coming. Ever since the banking crisis, crypto tokens especially Bitcoin have been on the rise.
Therefore, the sooner the banks adopt cryptocurrency as an asset class the more seamless the process would be.
German banks have taken to this positively and are catering to their customer’s evolving needs. The adoption of cryptocurrency is only likely to continue to grow given the dependency on it.
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