- Affiliated MLP Banking AG became the first bank to test the digital platform.
- Tokenized assets and other cryptocurrencies also to be integrated.
Deutsche WertpapierService Bank AG (dwpbank) is connecting the traditional securities market with the digital asset space through a new platform that could see more than 1,200 affiliated banks and savings banks sell bitcoin.
Dubbed wpNex, the digital services platform would be integrated into customers’ online banking accounts – allowing for the management of their crypto holdings – with no additional KYC requirements. According to the press release, more cryptocurrencies and other digital asset services would also be added to wpNex once fully deployed in the second half of the year.
Dwpbank stressed the importance of digital assets in the future, with a strong emphasis on bitcoin, the top crypto by market capitalization.
‘‘Regardless of how individual cryptocurrencies develop: digitized values will become increasingly important. That is why we are expanding our range of services in this area and aligning our portfolio more closely to the future opportunities available here,’’ says dwpbank’s CEO Heiko Beck, adding that bitcoin specifically provided the best pilot for the project.
MLP SE Becomes The First To Participate In The wpNex Pilot
MLP Banking AG was the first dwpbank’s affiliate to complete a bitcoin transaction using the new platform. The bank reportedly purchased bitcoin shares booked to a client’s account operated by dwpbank and directly linked to the corresponding cash account – to allow orders denominated in euros to be filled instantly without transfers to separate payments accounts.
Dwpbank’s offering is expected to push cryptos into mainstream adoption, according to industry experts, considering the importance of the company in the financial sector. Germany is currently considered one of the most crypto-friendly jurisdictions with favorable regulations and a fair tax regime for digital assets. Most recently, the country’s second-largest bank by assets, DZ Bank, added cryptos to its asset management division.
