BERLIN, Germany—After years of largely ignoring the cryptocurrency industry and considering it too speculative, too risky and too unregulated, Germany’s banks are beginning to change their position, according to a new report.
“Foreign institutions, neobrokers, and crypto fintech companies such as Bitwala, Trade Republic, Bison App and Bitpanda were primarily responsible for providing services like trading and custody, business account management, tokenization, card issuing and ATMs,” Cointelegraph reported. “Trading cryptocurrencies directly at a German bank branch is not possible. Not even the big online banks like Comdirect, Deutsche Kreditbank or ING allow their customers to trade cryptocurrencies directly via a broker.”
But the country’s institutions have begun working on offerings aimed at giving customers access to cryptocurrencies.
‘Important Step’
For example, Cointelegraph noted Deutsche WertpapierServiceBank took an “important step” in March 2023 with the launch of its wpNex crypto trading platform, which gives 1,200 banks and savings banks in Germany access to the digital asset industry.
“In addition to our pilot customer MLP Banking, we are also in close contact with DZ Bank (Germany’s second-largest bank by assets held) about our offer,” Heiko Beck, Dwpbank CEO, told Cointelegraph, adding that there are “a few other interested parties from the customer base.”
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