Deutsche Bank (Dwpbank), which provides securities processing services to around 1,200 banks in Germany, is creating a new platform wpNex that will offer Bitcoin Sales to retail customers of all its affiliates in the second half of the year.
According to local media reports, the new service will offer encrypted accounts alongside other accounts of bank customers and will not require additional “know your customer” procedures.
Wallet-as-a-service provider Tangany and Bankhaus Scheich's Tradias digital asset exchange service will also participate in the new offering. Retail clients do not hold private keys. Dwpbank CEO Heiko Beck said the bank plans to add other cryptocurrencies, digital assets and tokenized securities to the service in the future. MLB Banking is the first Dwpbank affiliate to log on to the platform and has already traded on it. Paul Utzat, head of accounts and securities processing at MLP Banking, said in a statement:
"It is a logical addition to our existing wealth management offerings in our MLP client portal."
Crypto accounts are linked to Euro cash accounts, so transactions can be made without going through a separate payment account. MLB Banking is the first Dwpbank affiliate to log on to the platform and has already traded on it. Paul Utzat, head of accounts and securities processing at MLP Banking, said in a statement:
"This is a logical addition to our existing wealth management offerings in our MLP client portal." Crypto accounts are linked to Euro cash accounts, so transactions can be made without going through a separate payment account.
However, German cryptocurrency bank Nuri closed in November under the pressure of the cryptocurrency bear market. It has half a million customers. In traditional finance, Deutsche Bank shares tumbled on March 24 as unrest spread among European banks. DWS, the asset management arm of Deutsche Bank, is reportedly in talks with tradias to invest in the service.
