WpNex was introduced on March 22 by the German Deutsche WertpapierService Bank AG, which oversees more than 5.3 million securities accounts.
Abnormous amount of banks may now provide Bitcoin trading to their retail clients thanks to this new platform.
A bank report claims that by using the WpNex platform, consumers’ online banking services may be seamlessly connected with crypto trading. Clients are not required to pre-fund to examine their Bitcoin holdings alongside regular equities.
By making it easier for retail consumers to access main stablecoin and other cryptocurrencies, the WpNex platform is anticipated to revolutionize the German banking industry.
By linking Bitcoin accounts to euro cash accounts, a preferred choice for many users, the network would enable frictionless transactions. It comes as no surprise that an increasing number of traditional financial institutions are studying cryptocurrencies, given the rising demand for their services.
Moreover, financial planning advice firm MLP Banking AG jumped at the possibility of being the first to provide cryptocurrency trading to its clients.
All retail clients will have access to the service in the second half of this year, according to Paul Utzat, head of account and securities settlement at MLP Banking.
DZ Bank intends to provide its clients with an alternative to Bitcoin before the end of 2023. It is essential for the growth of this stablecoin in Germany. Moreover, the second-largest bank in Germany in terms of asset size is this business, which has more than 8,400 branch locations around the country. That’s for sure that Germany is one of the countries with the greatest crypto ecosystems in the world for now.