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dwpbank To Build A New Platform With Bitcoin (BTC) Trading

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  • dwpbank is working to build a new platform that will offer Bitcoin trading to its 1,200 affiliate banks.
  • A fin-tech company, Tradias, will also participate in this new offering. However, retail customers will not hold private keys.

Deutsche WertpapierService Bank (dwpbank) is developing a new platform, wpNex, that will offer Bitcoin (BTC) to all of its affiliates’ retail customers in the second half of this year. According to a Cointelegraph report, the new service will feature crypto accounts alongside bank customers’ other accounts and will not require additional Know Your Customer (KYC) processes.

The CEO of dwpbank, Heiko Beck, further shared that soon, the bank will plan to add other cryptocurrencies, digital assets, and tokenized securities to the service. 

Patrick Hansen, the Director of EU Strategy & Policy at Circle, also tweeted about the Bitcoin adoption in Deutsche. He said, “Through its new wpNex platform, the dwpbank will allow up to 1200 German banks to offer #Bitcoin trading – and soon more crypto-assets.”

Bitcoin Price Analysis

The most traded cryptocurrency by market cap, Bitcoin (BTC), trading down by almost 2% in the last 24 hours.  At press time, Bitcoin price is at $27,522.09 with a 24-hour trading volume of $24.71 billion. In the last 24 hours, the price of Bitcoin declined by $426.85 by 1.53%. Although the price of BTC outgrows at a good rate this year as its price was at $16,619.10 on January 1st, that currently reached above the $27k mark.

Source: BTC/USD by CoinMarketCap

In one week, the price of BTC hit a high of $28,803.34, which is also its 90-day high, while noted low at $$26,636.26. 

Paolo Ardoino’s Saying on Bitcoin

In a recent interview with CNBC, Tether’s CTO, Paolo Ardoino, said, “Bitcoin is decoupling from traditional markets, while its demand is boosted by bank run fear. Bitcoin can become an inflation hedge similar to gold. Money will flow from savings to Bitcoin if FED cuts. He sounds skeptical about Bitcoin reaching $1 million in 90 days and is bullish on Bitcoin due to global uncertainty.”

During the interview, he also talked about his company, Tether. According to his estimates, the excess reserves will increase by $700 million in the current quarter, which is not yet over. It would take Tether’s excess reserves to $1.66 billion. He also said, “this would be the first time Tether crosses the $1 billion mark.”

The CTO of Tether also shared his thoughts related to Bitcoin. According to his recent response to the tweet of Bitcoin Explorers’ account, he said, “Building and adoption take time. Education and patience are key. Tourism interested in paying in BTC will push more merchants to be ready. Rome wasn’t built in a day. Only steady progress matters.”

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