Now 1,200 German banks can provide Bitcoin trading
Deutsche WertpapierService Bank AG will now allow its all affiliated banks to provide Bitcoin trading via its new platform.
German based dwpbank, or say the Deutsche WertpapierService Bank AG, handles the securities processing for financial institutions from the savings bank and cooperative sector, but also from the private and commercial banking sector in Germany. This bank also manages approximately 5.34 million securities accounts under its roof.
Recently dwpbank launched its new platform wpNex. This new platform will allow all the affiliated banks under dwpbank to provide Bitcoin retail trading. To this date, around 1,200 affiliated banks are providing banking services, so here we can say that 1200 German banks can easily serve retail crypto trading services to German citizens.
The press release confirmed that Bank customers will be able to see their crypto balance along with their securities & fiat balance and the whole service will remain available in the online banking services. In short, Bank customers will not be required to go outside the bank’s platform.
Reports confirmed that more than a half of dozen dwpbank affiliated banks will offer Bitcoin trading by the end of this year and later competition will force all those banks to provide Bitcoin trading.
On 24 March, Patrick Hansen, EU Strategy and Policy Director at Circle, a crypto-focused firm behind the USDC stablecoin, took to Twitter to share his happiness on this news and noted that it is going to be a very big move in the crypto industry and it will give a big boost to push Bitcoin adoption.
Earlier this a report in March 2022, came to light which showed that 44% of German citizens want to invest in crypto assets and data findings noted that 37% of Germans are already trading crypto assets since one year. These things are showing that demand for cryptocurrencies is increasing rapidly in European countries.
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