German DZ Bank Adds Crypto To Asset Management Services• February 24, 2023 1:49 pm • Comments
DZ Bank is known as Germany’s second largest bank and the company has just announced that it will be adding crypto to its asset management services.
This is a very big milestone for digital assets as it shows that even the largest financial institutions see crypto as an essential part of their asset portfolios.
Such banks will likely have to follow rules that have been setup by regulators in the EU as there are concerns about the banks being too exposed to the crypto volatility.
As a result, there have been past discussions and proposals to limit the asset size to a certain percentage of the total assets under management.
Still, DZ Bank deciding to make this announcement will likely entice many other banks in the country to do the same thing which will ultimately increase mainstream adoption.
— CryptosBatman ⚡ (@CryptosBatman) February 23, 2023
According to the announcement sent to Cointelegraph, DZ Bank selected Metaco’s custody platform Harmonize to offer digital currencies to its institutional clients. Nils Christopeit, an executive at DZ Bank, said that the Metaco Harmonize platform suits their requirements in terms of security and scalability.
“With the offering we can build by using this technology, we trust to create a durable and fast-growing business cooperation as well as an attractive solution for our clients that can also meet the requirements of digital currencies and decentralized financial instruments,” Christopeit added.
Craig Perrin, the chief sales officer at Metaco, also commented on the collaboration. The executive expressed the team’s excitement in supporting DZ Bank’s institutional offerings. He said Metaco’s infrastructure is specifically designed to support institutions adopting digital assets and participating in the digital asset economy. He added:
“We are excited to announce this cooperation as it further establishes Metaco as a market leader in Germany, trusted by some of the country’s largest banks and exchanges.”
Custody platforms are also going to be more and more important as financial institutions jump on board and become more involved with digital assets.
As a result, it is expected that many banks will form partnerships with custody platforms which is what DZ Bank is doing.
Other banks that have also been doing the same thing is the German bank DekaBank which is another huge financial institution.
Investors and speculators believe that the trend will continue for many other firms in order countries in the EU with a particular focus on regions where the regulatory environment is favorable to crypto.
— Pandora Land (@pandora_social) February 23, 2023
Metaco has been actively collaborating with various key players within Germany. On Feb. 9, the digital asset management platform announced a partnership with the German DekaBank to launch a blockchain-based tokenization platform. According to the announcement, the infrastructure is expected to be built in 2023 and may be released in 2024.
Apart from Germany, the digital asset management platform also collaborated with a Turkish automaker and one of the most popular local banks in the Philippines.
On Jan. 10, Metaco partnered with Turkish automotive technology company Togg to help secure its smart contract-based auto mobility services. On Nov. 2, 2022, the firm also helped UnionBank of the Philippines to launch its custody and trading services for Bitcoin BTC $24,417 and Ether ETH $1,669.
🇩🇪 $482 Billion German banking giant DZ Bank to integrate #Bitcoin and crypto into its asset management services
— Slavik (@slavikcrypto) February 24, 2023
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