Thanks to the new Deutsche WertpapierService Bank AG (dwpbank) platform, the 1,200 banks for which it provides financial services will be able to offer their German retail customers the opportunity to invest in Bitcoin (BTC).
German banks will be able to offer Bitcoin to their customers
Thanks to the new Deutsche WertpapierService Bank AG (dwpbank) platform, the 1,200 German banks for which the company offers its services will be able to allow their retail customers to invest in Bitcoin (BTC).
Indeed, dwpbank is a banking institution serving as an intermediary for various German savings banks for the processing of financial asset transactions. This novelty will be made possible thanks to wpNex, the new dwpbank platform.
The storage services for this new product will be provided by Tangany, a company regulated by the BaFin, the German financial policeman. As for market orders, these will be carried out by Bankhaus Scheich and Valantic will work on the software part.
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An offer destined to diversify
Among the first banks to come forward, we can cite MLP Banking AG, a listed company of which Paul Utzat, head of account and securities processing, announced that customers could take advantage of this new service from the second quarter of this year:
“In cooperation with dwpbank, we would like to offer our clients to trade cryptocurrencies in the future. It is a logical complement to the existing wealth management offer from our MLP client portal. »
In addition, DZ Bank, the second largest bank in Germany which has already opened up to Bitcoin for institutional investors, has also reportedly expressed interest in expanding its offer to individuals by the end of the year. This would be done through the 800 Volksbanks institutions it manages in the country.
On the other hand, Bitcoin is only the first step of Deutsche WertpapierService Bank’s wpNex platform. Indeed, according to Heiko Beck, CEO of dwpbank, other cryptocurrencies and different tokenized assets are expected to be offered in the future.
While cryptocurrencies held for more than a year are not taxed in Germany, it is possible that this offer will allow new users to be onboarded into the ecosystem.
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Source: BTC Echo
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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