Germany-based DZ Bank To Provide Crypto Custody Services
- The bank had assets of almost $315 billion (€297 billion) by the end of 2022.
- DZ Bank plans to include Metaco’s key product, Harmonize.
DZ Bank is a subsidiary of Volksbanken Raiffeisenbanken, one of Germany’s major banking conglomerates. It has announced that it would use a platform developed by fintech company Metaco. To provide services related to digital currencies and crypto securities to institutional customers.
Moreover, DZ Bank, Germany’s second-largest bank in terms of assets, is a reputable custodian supervised by Bafin. It had assets of almost $315 billion (€297 billion) by the end of 2022.
Incorporating Metaco’s Harmonize
Founded in 2015 in Switzerland, Metaco’s main goal is to facilitate crypto operations for businesses of all stripes. Its infrastructure enables users to store and trade cryptocurrencies, tokenize assets, provide staking services, and administer smart contracts.
DZ Bank plans to include Metaco’s key product, Harmonize. It is an orchestration platform for digital assets, into its existing asset management services as part of the collaboration. As stated in the news release, the German bank, which places a premium on regulatory compliance and security, picked it after conducting comprehensive proof-of-concept and diligence testing.
DZ BANK’s principal solution designer for digital custody, Nils Christopeit, explained:
“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.”
Christopeit was alluding to the 2021 adoption of the Electronic Securities Act to modernize securities law and the corresponding supervisory structure in the nation. On June 10 of that year, the legislation went into effect as a crucial part of the federal government’s authorized blockchain policy in Berlin.
