DZ Bank, Germany’s second-largest bank, is getting ready to start offering custody services for digital assets. Cooperation with Metaco, a Swiss business that specializes in assisting financial firms operating in the digital asset area, will enable the service.
The fintech company stated that DZ Bank, a unit of Volksbanken Raiffeisenbanken, one of the biggest banking groups in Germany, will use a platform created by Metaco to provide institutional clients with services in the area of virtual currencies and crypto securities.
DZ Bank’s the Second-Largest Bank in Germany
DZ Bank, which is governed by the Federal Financial Supervisory Authority (BaFin), is the second-largest bank in Germany in terms of assets and is a reputable custodian. It held assets valued at €297 billion as of the end of 2022.
The mission of the 2015-founded Swiss company Metaco is to make it possible for financial and non-financial organizations to operate in the cryptocurrency space. These parties may store and exchange cryptocurrencies, tokenize other assets, offer staking services, and handle smart contracts thanks to the architecture of the platform.
DZ Bank Plans to Employ Metaco’s Flagship
DZ Bank plans to employ Metaco‘s flagship product, Harmonize, an orchestration platform for digital assets, to integrate its new offering into its present asset management services under the terms of the collaboration. According to Craig Perrin, chief sales officer of Metaco, “Metaco’s digital asset technology infrastructure is purpose-built to allow financial institutions to capitalize on the digital asset market.” The German bank chose it after a thorough proof-of-concept and due diligence procedure, according to the news statement, emphasizing regulatory compliance and security.
Christopeit was alluding to the Electronic Securities Act, also known as the Gesetz zur Einführung elektronischer Wertpapiere, which was passed in 2021 to modernize the nation’s securities laws and the associated supervisory framework. A crucial component of the blockchain approach adopted by the federal government in Berlin is the legislation, which went into effect on June 10 of that year.
You may be interested in: How Is It Possible For Photography To Be Integrated Via NFTs Into Web3?
