Annerton advises Tangany on cooperation with dwpbank for platform “wpNex” for regulated trading of digital assets
Frankfurt am Main, 3 April 2023 – In cooperation with Tangany GmbH, Deutsche WertpapierService Bank AG (dwpbank) launched its platform “wpNex”, which enables around 1,200 banks and Sparkassen to offer their customers trading as well as custody of digital assets. Annerton provided legal advice to Tangany on the implementation of the project.
With the launch of the “wpNex” platform, dwpbank intends to offer all connected banks and Sparkassen the possibility to integrate trading as well as custody of digital assets into their retail client business. The wpNex platform uses a wallet solution offered by the crypto custodian Tangany. Customers do not need their own wallet and do not need to secure the private key by themselve. Tangany has been a crypto custodian for such business models since 2018 and offers a user-friendly, scalable platform for the custody of cryptocurrencies and other crypto assets.
As the first wpNex customer, MLP Banking AG has already used the platform for a pilot transaction with the cryptocurrency Bitcoin. There are plans to expand the platform offering to include other digital assets for regulated trading.
As part of the cooperation, Annerton lawyers Alireza Siadat, Frank Müller, Kemal Ahmedi, Tom Braegelmann, Till-Christopher Otto and Sebastian Glaab supported Tangany in all regulatory and civil law matters. Annerton has been advising the FinTech company for many years and supported it, inter alia, in obtaining its crypto custody licence in 2021 as well as in applying for crypto securities license.
Annerton is an independent law firm specialising in regulatory law in the financial industry. Since 2020, Annerton Rechtsanwaltsgesellschaft mbH in Germany and Annerton S.A. in Luxembourg have been advising established international institutions and corporations as well as innovative start-ups from the banking, financial services and digital economy sectors. Annerton has its offices in Berlin, Frankfurt am Main, Munich and Luxembourg with more than 26 lawyers, two tax advisors and other team members. Information: www.annerton.com.
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