1,200 German Banks Now Offer Bitcoin Trading for Retail Customers
Bitcoin News

1,200 German Banks Now Offer Bitcoin Trading for Retail Customers

written by John Murphy | March 26, 2023

It is another good day for Deutsche Wertpapier Service Bank AG (DWPbank), a German securities processing giant that manages more than 5.3 million brokerage accounts. The bank announced today the launch of its brand new platform, wpNex. Retail customers will be able to trade Bitcoin (BTC) through over 1,200 banks connected to the system.  

According to a press release published on March 22, crypto trading via the WPNex platform can seamlessly integrate with customers’ online banking. Btc-echo.de reports that customers can check their crypto holdings alongside traditional securities without pre-funding. 

Key Takeaways

  • 1,200 German banks can now offer Bitcoin trading retail customers.
  • This increases the accessibility and legitimacy of Bitcoin as an investment option.
  • It is another indication of the growing mainstream acceptance of cryptocurrencies.
  • The move may also increase competition and drive innovation in the cryptocurrency market.

MLP Banking AG, DZ Bank Ranked First  

Financial planning consultancy MLP Banking AG has seized the first opportunity to offer its customers cryptocurrency trading. MLP Banking’s head of accounts or securities processing, Paul Utzat, said the service

“will be available to all the retail customers in the second half of this year.” 

Additionally, DZ Bank plans to offer Bitcoin options to its customers by the end of the year. The institution has around 8,500 branches, making him the second largest bank in Germany by asset size, so this can be seen as a solid move for Bitcoin establishment in Germany. Domestic office. 

Significant Player In The Crypto World

According to Patrick Hansen, EU Strategy and Policy Director at Circle, the crypto-focused firm behind USDC, the move is “great news for Bitcoin adoption.

According to the recent tweet of Paddi_hansen;

Great news about the BTC launch and access through the new wpNex platform, dwpbank will enable up to 1200 German banks to offer #Bitcoin trading. Crypto assets are integrated into the customer’s online banking depot. 

According to the announcement, dwpbank is

“laying the groundwork for Germany to become a major player in the crypto world”

with its wpNex platform. The company also revealed that digital assets, such as tokenized securities, would be added shortly.  

With Dwpbank’s move, other German banks and financial institutions may be compelled to meet the growing demand for cryptocurrency trading and investing convenience. 

In Germany, more than 1,200 banks now offer Bitcoin trading to their retail customers. This follows a new partnership between Targobank and solarisBank, which enables the latter to provide Bitcoin trading functionality to any bank in Germany via its pioneering currency trading platform.

With this new partnership, Germany has suddenly become one of the most crypto-accessible economies in the world, with a supportive regulator and an expanding network of retail-facing banks.

Overall, the partnership between Targobank and solarisBank represents a significant development in the world of crypto trading. By opening up Bitcoin trading to more than 1,200 banks, it is now easier than ever for the public to buy and sell cryptocurrencies in Germany.

Investing in digital currencies has the potential to disrupt traditional financial systems, so this is good news for investors and technologists alike. Overall, it promises to make cryptocurrency more accessible, more user-friendly, and more prosperous.