This is how the German financial institution keeps crypto assets

The DZ bank quit today, February 23, announced the cooperation with the Swiss fintech company Metaco. The aim of the cooperation is the custody of digital assets. The German bank of the cooperative financial group Volksbanken Raiffeisenbanken currently holds assets of around 297 billion euros.

Crypto custody at DZ Bank?

The “Metaco Harmonize” custody platform is intended to serve as a powerful solution for the bank in the future and also guarantee a secure range of crypto securities for institutional bank customers. DZ Bank explained to BTC-ECHO:

DZ BANK plans to store digital financial instruments in the custody solution currently being developed based on Metaco software. The focus is on crypto securities and later on also for native crypto values.

So for now, customers can count on cryptocurrency custody. However, it remains to be seen when DZ Bank will focus on the custody of “native crypto assets”.

DZ Bank has recently become well known in the crypto sector: As part of the so-called “endless index certificates”, derivatives on Bitcoin and Ethereum are offered. The motivation for the launch at the time: a head start on the competition.

DekaBank with a head start

This is now with DekaBank, which also announced a cooperation with Metaco at the end of January. Accordingly, the securities house of the savings banks also handles the safekeeping of digital assets via Switzerland. With the cooperation, one wants to position oneself above all for the future of digital securities.

The financial institution recently applied for a crypto custody license from BaFin. With this step, DekaBank wants to enable institutional customers to store digital assets in their own wallet. However, cryptocurrencies are excluded from this for the time being.