The German WertpapierService Bank AG (dwpbank) is Germany’s leading service provider for securities services. From order routing to custody, it provides services along the entire value chain. Three-quarters of all banks in Germany have outsourced their securities processes to them. With around 1,200 connected cooperative and Raiffeisen banks, private and commercial banks, as well as savings banks, institutions from all three banking sectors trust in their competence in core areas such as IT and regulation. As a systemically relevant company, dwpbank is fully regulated.

Recently, dwpbank has applied for permission to conduct crypto custody business with the Federal Financial Supervisory Authority (BaFin). The independent custody of crypto assets should enable dwpbank to expand this business. This follows dwpbank’s development plan for its platform wpNex, which will be used for the first time in the retail customer market by MLP in the coming months.

wpNex is a fully regulated digital asset offering for banks and savings banks. The goal of dwpbank is to provide the breadth of the German financial market with access to digital, innovative solutions for their customer business. For this purpose, it is gradually developing wpNex as a fully regulated digital asset offering for banks and savings banks. The successful pilot transaction based on Bitcoin marked the start of tapping into the future opportunities in the growing field of digital assets. The application for crypto custody is one of the next expansion stages.

The submitted BaFin application for crypto custody complements the current operating model of wpNex. dwpbank continues to work with its regulated German partners Bankhaus Scheich / tradias, Tangany, and Valantic for trading with cryptocurrencies. At the same time, dwpbank is already looking to the future and the associated great opportunities for wpNex. In order to be flexible for all scenarios, dwpbank also wants to have the ability to custody different digital assets in the future.

wpNex is being developed by dwpbank in parallel with its core business in securities services. The work on the platform is planned over several years. With wpNex, a bridge is to be built from traditional securities business to the growth field of digital assets. The integration of the offering is based on established technical interfaces. A Bitcoin pilot transaction on wpNex was the first step, and the market launch with MLP will be the next. A crypto custody license will offer dwpbank further possibilities to expand its offering in areas such as non-fungible tokens and tokenized assets.

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