A new platform known as DWP Bank in Europe has been unveiled. Its purpose? To give roughly 1,200 banks in Germany access to bitcoin and digital currencies.
Germany and Crypto Will Soon Go Hand in Hand
The banking crisis that’s affecting America at the time of writing is not just happening in the U.S. it’s spread 3,000 miles across the Atlantic and is also causing problems for Europe. Look, for example, at Credit Suisse. The enterprise was in serious trouble until UBS decided it had what it took to bail the institution out. Anyone who thinks we aren’t in a recession needs to look up the definition of “recession” and confirm with themselves that things aren’t as great as they might seem.
So, the idea that countries like Germany suddenly want to get their hands on bitcoin and other digital assets is a sign that perhaps banks aren’t as stable as we’ve all been led to believe, and thus they want to bring in bitcoin and other alternative assets to avoid the “stability” of fiat currencies and the institutions that have since failed them.
DWP Bank will now allow all the banks in Germany connected to its platform to purchase and sell BTC units while still carrying out standard online banking activities. In a statement, DWP Bank said:
DWP Bank wants to connect the world of traditional securities business with the world of trading digital assets. To this end, it uses its central position in the German financial market with established interfaces to around 1,200 banks and savings banks and expands its portfolio to include trading and safekeeping of new assets.
CEO of the company Heiko Beck also threw his two cents into the mix, claiming that the bank is planning to expand its crypto offerings and services in the coming future. He mentioned:
Digitized assets will become increasingly important in the future. That is why we are expanding our range of services in this area and focusing our portfolio more closely on the future opportunities that arise here.
The new platform has already been tested out by MLP Banking AG, a client of DWP Bank. Head of account and securities settlement with MLP Paul Utzat said:
In our MLP client portal, it is a logical addition to the existing wealth management offering.
Is the Banking Situation Getting Worse?
The banking problems in America have caused three separate institutions (Silvergate, Silicon Valley, and Signature) to shutter their doors permanently. This has largely to do with the heightened interest rates of 2022 and the crypto ties these banks were alleged to boast. As we all remember, many assets saw their prices crash and burn during the months of the previous year.
Germany has been named one of the most crypto-friendly countries in Europe along with Switzerland, which is home to Crypto Valley.
Source: https://www.livebitcoinnews.com/banks-in-germany-will-now-sell-and-buy-btc/