Germany’s leading provider of securities services, Deutsche WertpapierService Bank AG (dwpbank), has announced the launch of its wpNex platform for digital assets, aiming to bridge the gap between traditional securities and digital asset trading.
According to the press release, the bank plans to offer this solution to its network of approximately 1,200 banks and savings banks, allowing them to integrate digital asset trading into its retail customer business.
The first component of the wpNex platform is a cryptocurrency trading service. dwpbank’s customer, MLP Banking AG, successfully conducted the first pilot transaction based on Bitcoin, highlighting the platform’s potential. wpNex will gradually expand its offerings to include regulated trading of other digital assets for retail customers of banks and savings banks connected to dwpbank.
dwpbank CEO Dr. Heiko Beck emphasized the growing importance of digitized assets and the need to align their services with future opportunities in the digital asset space. While the pilot transaction involved Bitcoin, the bank plans to make other digital assets available for trading in the future.
The pilot transaction saw MLP Banking AG purchase Bitcoin shares, which were then booked into the client’s crypto account managed by dwpbank. This account is directly linked to the corresponding cash account, enabling immediate euro currency orders without transferring to a separate payment account.
Dr. Paul Utzat, Head of Account and Securities Processing at MLP Banking AG expressed the company’s desire to offer cryptocurrency trading through the MLP customer portal.
dwpbank’s partner model relies on licensed and regulated service providers in Germany, with Bankhaus Scheich / tradias executing the stock exchange order and Tangany providing custodial wallet services. Valantic supplies dwpbank with software for order routing and portfolio management within their systems.
This collaboration allows customer institutions to access digital asset services without needing infrastructure adjustments, offering private investors a seamless transition into cryptocurrency investments through their familiar user interfaces.
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