Despite uncertainties in the crypto market, traditional banks have continued churning out new digital asset trading tools. The Deutsche WertpapierService Bank (DwpBank) has reportedly launched wpNex, a Bitcoin (BTC) trading platform intended to accommodate more than 1,200 affiliated banks in the country.
Integrating Bitcoin Trading Into Online Banking
According to the bank’s press release, wpNex will allow over 1,200 affiliated banks to offer Bitcoin transactions to their clients. The bank plans for the platform to go live in the year’s second quarter.
As revealed by DwpBank, the new initiative aims to integrate BTC trading into users’ online banking experience. Per reports, the new service is set to feature crypto accounts alongside the traditional securities offerings without needing further know your customer (KYC) requirements.
Meanwhile, a significant number of the affiliated banks have reportedly keyed into the crypto project. The first affiliated financial institution to use the BTC service is MLP Banking AG, which reportedly processed a transaction on the platform.
MLP Banking’s head of account and securities settlement, Paul Utzat, stated that the new service is vital to the bank’s wealth offering. Other financial institutions have also shown their interest in joining the program.
For example, DZ Bank has revealed that it intends to offer Bitcoin options to clients towards the end of the year. Analysts believe this will signal a major win for Bitcoin in Germany if this comes through.
Also read:DZ Bank is Germany’s second-largest bank by market cap, with about 8,500 branches nationwide.
Germany’s Bitcoin Prospect
As one of Europe’s largest economies, crypto experts believe Germany has a vital role in Bitcoin adoption, especially within the European Union (EU) bloc. Consequently, the latest development regarding the launch of the wpNez platform lends credence to Germany’s role in Bitcoin adoption.
In a recent tweet, the EU policy and strategy director at Circle, Patrick Hansen, noted that the move by DwpBank will help boost Bitcoin adoption across the globe. Experts also believe this will force other German banks and financial institutions to consider offering BTC trading to their customers.
The growing demand for crypto exposure by customers of traditional financial institutions also influenced DwpBank’s move to offer Bitcoin trading to clients. In another development, reports indicate that the flagship digital token can expand Africa’s financial inclusivity, with the continent having an estimated $86 billion banking infrastructure.
The reports added that cryptocurrency would help onboard many unbanked Africans into the financial system. For most people, especially those in rural areas with little or no access to commercial banks, digital banking is also a challenge due to low internet penetration.
Thus, Bitcoin offers the most likely solution to the continent’s low financial inclusion as it eliminates high transaction fees and ensures faster processing time. However, experts believe that the region needs interoperability and institutional infrastructures to address the continent’s low use of financial services.
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