Bank with 297$B of assets under management to offer Bitcoin, Shiba Inu and Ethereum to clients – Report

• DZ Bank chose Metaco Harmonize to offer secure digital assets’ custodial services.
• Metaco has partnered with several European banks, including Frankfurt-headquartered DekaBank, to offer crypto custodial services.

The digital asset industry has attracted millions of global investors due to its ability to deliver what siloed banking solutions could not deliver in decades. The digital asset industry has eased cross-border payments and also hedged against inflationary fiat currencies around the world. As a result, traditional banking organizations are developing infrastructure to provide crypto assets services, including custody and trading operations.

Moreover, the future of financial markets is digital, with global central banks working towards developing interoperable CBDC.

Meanwhile, global regulators are working on crypto asset policies that favour international investors amid increased competition. Moreover, each country wants a bigger share of crypto investors within their jurisdictions to provide employment and improve the local economy.

DZ BANK Selects Metaco Harmonize to Offer Digital Asset Custody

Germany’s second-largest banking organisation, DZ BANK AG, has announced a strategic partnership with the Metaco platform to provide digital asset custodial services to its customers. According to the announcement, DZ BANK, a BaFin-regulated financial institution and custody provider, selected Metaco’s Harmonize platform through an extensive proof-of-concept and diligence process.

Craig Perrin, Chief Sales Officer at Metaco, noted that the partnership with DZ Bank is a clear testimony that the digital asset industry is winning and Harmonize will play a critical role in global adoption. Moreover, Metaco’s Harmonize platform has worked with a dozen of reputable institutional investors both from Switzerland and overseas.

Nils Christopeit, Lead Solution Design Digital Custody at DZ BANK, commented:

In terms of our security, scalability, and future requirements of our digital asset custody initiative for institutional clients, starting with crypto securities as per the German eWpG, Metaco Harmonize has proven to be a powerful solution that is fit for purpose and can support our intended operating model. With the offering we can build by using this technology, we trust to create a durable and fast-growing business cooperation and an attractive solution for our clients that can also meet the requirements of digital currencies and decentralised financial instruments.

With over €297 billion in assets under custody at the end of 2022, DZ Bank has indicated that the digital asset demand from its customers led to the introduction of custodial services.

The announcement is a significant win for top digital assets like Bitcoin and Ethereum amid increased regulatory scrutiny following the FTX and Terra Luna collapse last year. Moreover, institutional investors in Germany can tap into the DZ Bank crypto custodial services.

Side Notes

As the Ukraine invasion by Russian soldiers intensifies, the need for digital assets worldwide has spiked. Moreover, aid can reach affected people with minimal friction, and anyone can store their wealth on the blockchain through unseizable assets.

Consequently, traditional financial institutions are readying to offer blockchain-related services to diversify their revenues.

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