Deutsche WertpapierService Bank AG (dwpbank) just launched its wpNex platform that’s tailored to support retail Bitcoin (BTC) trading for its over 1,200 client banks. The new service signals the wider adoption of crypto in Germany and it puts the country on the map alongside the giant players in both the cryptocurrency and finance industries.
Based on the announcement of dwpbank on March 22, the wpNex platform will let retail clients own, hold, and trade Bitcoin simply using their online banking accounts. Among the services unlocked by this feature are:
- Buying BTC with euros using the funds in the user’s online banking account
- Checking the status of their crypto holdings in the system
- No pre-funding needed when using the services of wpNex
MLP Banking AG already conducted a pilot using the system. Now, it’s ramping up the process to integrate the new BTC trading service into its offerings for retail customers. The targeted rollout of the feature is in the latter half of the current year. Meanwhile, Germany’s second-largest bank in asset size, DZ Bank, is gearing up to launch the same by the end of the year.
Advantages Unlocked by wpNex to Bitcoin Users and Banks
The integration of wpNex platform in Germany’s online banking systems provides various benefits to both the crypto and financial industries on a global scale. Here are the advantages unlocked by this:
1. Improved Accessibility and Convenience
The integration of wpNex in Germany’s online banking systems allows retail customers to purchase BTC with euros directly from their online banking accounts. This process eliminates the need for extra funding, making it easier and more convenient for customers to invest in cryptocurrency. Moreover, customers can view their BTC holdings alongside traditional securities in one place, making trading more accessible and convenient.
2. Increased Adoption of Cryptocurrency
The integration of wpNex in Germany’s online banking systems also encourages the adoption of cryptocurrency. By providing a seamless and easy way to purchase BTC, more people will be inclined to invest in this asset. As more people adopt cryptocurrency, its value and utility will increase, leading to more widespread use and adoption.
3. Enhanced Security
One of the biggest concerns of investing in cryptocurrency is security. The wpNex platform ensures the security of its users by adhering to strict security protocols and regulations. With wpNex, customers can be assured that their BTC holdings are safe and secure.
4. Regulatory Compliance
The wpNex platform also complies with regulatory requirements, providing a more secure and reliable platform for customers to invest in cryptocurrency. By complying with regulatory standards, wpNex ensures that customers are protected against fraudulent activities and other risks associated with cryptocurrency.
5. Increased Revenue for Financial Institutions
The integration of wpNex in Germany’s online banking systems presents a new revenue stream for financial institutions, too. By offering cryptocurrency trading services to their customers, banks and financial institutions can earn additional revenue and expand their customer base.
The integration of wpNex in Germany’s online banking systems provides various benefits to both the crypto and financial industries on a global scale, including but not limited to the ones shown here. As the world continues to embrace the potential of cryptocurrency, the integration of wpNex in online banking systems will undoubtedly play a significant role in the industry’s growth and development.
Giancarlo is an economist by profession with a career spanning nearly two decades. His professional journey has seen him assume vital roles in various government and private organizations such as the Department of the Interior and Local Government (DILG), the National Economic and Development Authority (NEDA), Megaworld Corporation, and the China Banking Corporation in the Republic of the Philippines.
In addition to his civic and corporate pursuits, his forward-thinking approach has led him to manage several prominent websites in the banking and finance sector, notably the Australia-based RateChoice, where he immersed himself in the world of emerging financial technologies and where he found particular interest in Bitcoin all the way back to 2013.
Prior to his addition to Blockzeit’s dynamic team, he held an essential role as Project Manager for initiatives encompassing blockchain, stablecoin, mining, special economic zone development, and iGaming. This noteworthy chapter in his career unfolded under the auspices of InPlan Consultancy Services, Inc., the think-tank of IMPERO Consortium Management Corporation headquartered in Manila, Philippines, and Tokyo, Japan. InPlan, led by a distinguished retired Cabinet member of the Philippines, collaborates directly with IMPERO’s core management team, contributing to strategic planning and business development endeavors.