The Deutsche WertpapierService Bank (dwpbank), which processes securities for about 1,200 German institutions, has developed a new platform called wpNex that accepts bitcoins.
According to local media sources, the new service will store cryptocurrency accounts alongside customer accounts from other banks and won’t call for further Verification.
The new service will include participation from Tangany and Bankhaus Scheich’s “wallet-as-a-service” digital asset trading platform. Private keys will not be retained by retail customers. Heiko Beck, the CEO of Dwpbank, stated that the bank plans to eventually expand the service to include additional cryptocurrencies, digital assets, and tokenized securities.
The first dwpbank affiliate to access the platform was MLB Banking, which has already conducted a transaction there. Paul Oetzat, the head of MLP’s bank account and securities handling, stated in a statement:
THIS IS A LOGICAL ADJUSTMENT TO OUR EXISTING WEALTH MANAGEMENT OFFERING ON THE MLP CLIENT PORTAL.
Transactions can be done without going through a separate payments account because cryptocurrency accounts are linked to Euro cash accounts.